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Collection: Charlie Munger - #203 'Crypto Is Like Venereal Disease'



I'll ask this one from Carl Muscatello who says, "Crypto is a $2 trillion asset class. Are you willing to admit you missed something?"


Well, I certainly didn’t invest in crypto. (Laughter)

I’m proud of the fact I’ve avoided it. It’s like, you know, some venereal disease or something. I just regarded 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, the envy – everybody has to create their own new currency.

And I think that’s crazy, too. So I’m not having it. I wish it had been banned immediately. I admire the Chinese for banning it. I think they were right and we’ve been wrong to allow it.


This comes from (inaudible) who asks, "Mr. Munger, you’ve been warning of the evils of cryptocurrencies 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?"


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.



[YAPSS Takeaway]

If you ever feel something is wrong about an investment, just don't invest. Always invest in assets that you personally feel comfortable holding.

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