Munger: Want to ban cryptocurrencies immediately, the price of Bitcoin will go to zero in a hundred years

On February 16, local time, Buffett's business partner and Berkshire Hathaway vice chairman Charlie Munger (Charlie Munger) at the Daily Journal Corporation (Daily Journal Corporation, a Los Angeles newspaper company that Munger served as chairman for decades). He shared his investment thoughts in a speech at the annual conference, in which he harshly criticized cryptocurrencies such as Bitcoin and warned investors not to view the stock market as a "casino."

“Wish cryptocurrency would be banned immediately and admire China for banning it. Of course I’m not investing in cryptocurrency and avoiding it makes me proud; cryptocurrency is like an STD, it makes me dismissive.” Munger said.

Munger, 98, has always opposed the extreme volatility and lack of regulation of cryptocurrencies. He has previously called bitcoin "rat poison" and his investment philosophy also considers the idea of a sudden riches to be dangerous. At this annual meeting, Munger gave investors a "safety prediction" that in the next 100 years, the price of Bitcoin "will tend to zero."

“We already have a digital currency, which is a bank account.” Munger believes that people adopt cryptocurrency only because of its use in illicit activities such as extortion, kidnapping and tax evasion.

"Venture capital is dumping too much money at a too fast rate right now, and there's a pretty sad over-investment in venture capital and other forms of private equity." Munger also believes that the retail short war reflected in GameStop stock is an overperformance, while bitcoin Coins are also over-performing.

It is for this reason that Munger expressed “admiration” for China’s ban on cryptocurrencies, adding that the United States was “wrong” to allow cryptocurrencies and that a similar ban should be implemented immediately.

Munger has long been bullish on China, leading Berkshire Hathaway to invest in electric car maker BYD and recently doubled the Daily Journal's stake in e-commerce company Alibaba Group Holding Ltd.