Financier Charlie Munger hits Bitcoin again

by in Cryptocurrency News

Charlie Munger

Last February, aged billionaire Charlie Munger said that investors should not buy bitcoin and other virtual coins.

The cryptocurrency is trying to get the status of digital gold, however, due to the volatility of BTC, it has not earned the right to be called a safe-haven asset.

This week, the financier reaffirmed his position and called the cryptosphere a "sewer". All virtual coins, according to Munger, have no real value. This industry is flooded with scammers, the billionaire stressed in an interview with the Australian Financial Review.

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Munger called those people who bought bitcoins crazy. Cryptocurrency causes more harm to the environment. In addition, it is used by criminals for money laundering.

The financier also noted: "I just avoid it [cryptocurrency] like an open sewer with malicious organs. I avoid it and recommend that everyone else follow my example."