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Charlie Munger calls crypto ‘sh-t’: ‘I’m not proud of my country for allowing this crap’

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Charlie Munger, vice chairman of Berkshire Hathaway, who has called for a ban of cryptocurrencies in the U.S., slammed digital assets again on Wednesday and said anyone who opposes his position on such assets are “idiots.” 

“Sometimes I call it crypto crappo, sometimes I call it crypto sh-t. It’s just ridiculous that anybody would buy this stuff,” Munger said at the Annual Shareholders Meeting of the Daily Journal Corporation Wednesday. “I’m not proud of my country for allowing this crap,” Munger added. 

Munger made the comment as global regulators are increasing their oversight over the crypto industry, after several major companies collapsed last year, causing billions of dollars in losses for investors. 

rallied over 8% Wednesday to over $24,000, while it’s still 65% lower from its all-time high in 2021, according to CoinDesk data 

Earlier this month, Munger said crypto is “not a currency, not a commodity, and not a security,” in an Op-ed in the Wall Street Journal. “It’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” Munger said. 

In his latest comments Wednesday, Munder said that he doesn’t think there are any good arguments against his position on digital assets. “I think people who oppose my positions are idiots,” he said. 

Credit: marketwatch.com

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