Charlie Munger on crypto: 'I wish it had been banned immediately'
Daily Journal Chairman and Berkshire Hathaway Vice Chairman Charlie Munger discusses cryptocurrencies and central bank digital currencies at the annual Daily Journal shareholders' meeting.
Video Transcript
- Crypto was another question that I got a lot of. I'll ask this one from Carl Mascatelo, who says, "crypto is a $2 trillion asset class. Are you willing to admit you missed something?"
CHARLIE MUNGER: Well, I certainly didn't invest in crypto. I'm proud of the fact that I've avoided it. It's like some venereal disease or something. I just regard it as beneath contempt. Some people think it's modernity, and they welcome a currency that's so useful in extortions and kidnappings and so on and so on, tax evasion.
And of course, everybody has to create his own new currency. And I think that's crazy too. So I'm not having-- I wish it had been banned immediately. And I admire the Chinese for banning it. I think they were right, and we've been wrong to allow it.
- Perhaps this is the appropriate follow-up then. This comes from Micah Misek, who asks, "Mr. Munger, you've been warning of the evils of cryptocurrency in the past. How do you feel about the Federal Reserve preparing to launch a central bank digital currency? Do you think that this will be beneficial or harmful to the strength and resilience of our markets?"
CHARLIE MUNGER: No, no. The Federal Reserve could have a currency if they want one. That would be just a-- we've got a digital currency already. It's called a bank account. The banks are all integrated with the Federal Reserve System. We already have a digital currency.
