What Happened: Speaking at the Daily Journal Corp.’s DJCO annual meeting on Wednesday, Munger said he was proud of the fact that he avoided investing in cryptocurrencies.
“It is like some venereal disease or something. I regard it as beneath contempt,” Munger, who is the chairman of the Daily Journal as well as the long-time business partner of legendary investor Warren Buffett, said.
Munger also claimed cryptocurrencies are mainly useful for kidnappings, extortions and tax evasion, adding that he admired the Chinese for banning it.
He welcomed the idea of the U.S. Federal Reserve launching its own digital currency.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Munger has long been a critic of cryptocurrencies, having previously called Bitcoin a “turd” and an “artificial substitute” for gold.
Buffet too had called the apex cryptocurrency “rat poison squared” in 2020.
Daily Journal and Berkshire Hathaway have large investment positions in Bank of America Corp. BAC and other large banks that have exposure to cryptocurrencies in one form or the other.
Price Action: Daily Journal shares closed 1.8% higher in Wednesday’s regular trading session at $327.85 and further rose 4.2% in the after-hours session to $341.65.
Bitcoin is down 0.4% during the past 24 hours, trading at $43,974.23 at press time.
Photo: Courtesy of Nick via Wikimedia
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