Charlie Munger: Cryptocurrencies are like 'STDs' and should be banned

The comments made by Berkshire Hathaway's vice chairman have gone viral for his imaginative depiction of cryptocurrencies.

Charlie Munger is the old vice chairman of Berkshire Hathaway and right-hand man of Warren Buffett.

The 98-year-old investment icon likened cryptocurrency to a sexually transmitted disease during the Los Angeles-based newspaper company Daily Journal Corp's annual shareholder question and answer.

“I certainly didn’t invest in cryptocurrency. I’m proud of myself for avoiding it. It’s like some kind of STD.”

Munger went on to express his disdain for Bitcoin and other cryptocurrencies, adding: “I want it to be banned immediately...I admire the Chinese for banning it. I think they are right and we are wrong to allow it of."

Munger and Buffett are no strangers to criticizing and downplaying the emergence of cryptocurrencies. Buffett has previously mocked Bitcoin as an asset that "doesn't create anything," calling it "rat poison squared" and saying it's nothing more than an "illusion that attracts charlatans."

Munger's imaginative depiction of cryptocurrencies does not appear to be reflected in Berkshire Hathaway's new investment philosophy, which is seeing less exposure to cryptocurrencies.

In a securities filing late Feb. 14, Berkshire Hathaway disclosed that it increased its exposure to cryptocurrencies by buying $1 billion worth of shares in Nubank, Brazil’s largest fintech bank, Popular with Brazilian cryptocurrency investors.

Greg Waisman, co-founder and COO of crypto wallet service Mercuryo, asserted: "Nubank's investment can be flagged as Buffett's way of supporting the fintech/crypto world, rather than retracting his criticisms of the past," he also said that Burke Hill is now indirectly supporting the "digital currency ecosystem."

Crypto Twitter was quick to respond to Munger’s comments on the digital asset.

Directly to its 225,000 followers, @gmoneyNFT pointed out the irony of Munger's recent remarks:

And @cryptonator1337 pointed the finger at Munger's age, telling his 35,000 followers that Munger may not be the best consultant when it comes to new technology.