The vice president of the American holding company Berkshire Hathaway believes that anyone who plans to invest in cryptocurrencies should wait until they disappear from the market.
The right-hand man of the most famous investor on the planet, Warren Buffett, billionaire Charlie Magner (Charlie Munger) said that anyone who sells cryptocurrencies or provides services related to them is either greatly mistaken or “is a real evil” himself. According to the businessman, he would not get involved with such digital assets and is not interested in “undermining the national currencies of the world.”
Berkshire Hathaway is known for its significant holdings in public companies such as Bank of America, Coca-Cola, Apple and American Express. The investment holding is currently valued at over $600 billion, making it the 7th largest corporation in the world.
According to Magner, the only correct approach to such “mass stupidity” as cryptocurrencies is to completely avoid it:
“Never buy this. Never mess with it. Let it pass. Cryptocurrency is an investment in nothing, and the guy who is trying to sell you an investment in nothing is saying, “I have a special kind of nothing that is hard to make more of.”
Munger likens the new asset class to “an open sewer full of harmful organisms.” The best investment would be to buy shares of companies that are interested in real business, said the vice president of Berkshire Hathaway.
This is not the first time the businessman has come down with harsh criticism of digital currencies. Previously, he compared digital assets to a sexually transmitted disease.
Source: Bits
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