Charlie Munger, the vice-chairman of Berkshire Hathaway and Warren Buffett’s longtime partner, expressed his disdain for cryptocurrencies during the annual meeting of Daily Journal, a newspaper publisher and software company where he serves as a director.
Munger called bitcoin, ether, dogecoin, and other digital assets “cryptocrappo” and “cryptoshit”. He said he thinks the people who disagree with him are “idiots” and that he is “ashamed” of America for embracing such “crap”.
He also criticized the US government for not banning cryptocurrencies, which he said are “worthless, no good, crazy, harmful, and antisocial”. He compared the idea of replacing fiat currencies with crypto to replacing air with something else. Munger has a history of bashing cryptocurrencies, calling them “rat poison”, “venereal disease”, and “open sewer”. He also said he wouldn’t want anyone involved with crypto to marry into his family.
However, Munger’s views are not shared by many experts and innovators who see the potential of blockchain technology to transform the world for the better. Blockchain is a technology that uses a shared and immutable ledger that can only be accessed by members with permission. It offers benefits such as greater transparency, improved traceability, enhanced security, reduced cost, verifiable speed, and decentralized control.
Blockchain can also improve humanitarian assistance, social good, and environmental impact. For example, the Blockchain can help needy families get cash and food, protect users’ rights to uncensored expression, verify the origin and quality of products, and reduce greenhouse gas emissions.