A day after reports of famous investor Warren Buffett investing $1 billion in crypto-friendly bank surfaced on the internet, billionaire Charlie Munger came out in support of banning cryptocurrencies. Munger, who is a long-time business partner of Buffett, lambasted cryptocurrencies and stated, "I admire the Chinese for banning it. I think they were right and we have been wrong to allow (crypto trading)," according to media reports.
Munger, who had previously called Bitcoin 'rat poison,' compared cryptocurrencies with venereal disease and said her has not yet invested in cryptocurrencies as he considers it "beneath contempt," according to Bloomberg.
Moreover, this is not the first-time Munger putting forward his critical judgement about the growing crypto market. On February 16, 2022, the popular crypto critic also warned investors and traders of other 'wretched' market excesses, and highlighted the downside of venture capitals funding startups.
"Certainly the great short squeeze in GameStop was wretched excess, certainly the Bitcoin thing is wretched excess," the billionaire said.
"I would argue that venture capital is throwing too much money too fast, and there's a considerable wretched excess in venture capital and other forms of private equity," Munger added.
Munge's distaste for Bitcoin, the most popularly traded cryptocurrency, has led his to support China's decision to ban cryptocurrency trading and has called on the United States to take similar measures.
Buffett Buys $1 billion Worth of Stock
On the other hand, his business partner Buffett, who is often called the 'Sage of Omaha' for his knowledge about the crypto market, sometimes knowing things before than the rest of the market, has invested a staggering $1 billion in Nubank, a digital bank based in Brazil that focuses on cryptocurrencies.
While both Munger and Buffett may have a personal distaste for cryptocurrencies, the famous pair may have put in their money in digital financial service providers like Nubank only for being able to sense an entirely different kind of opportunity.