If there's one thing billionaire investor Charlie Munger is known for, it's his way with words.
The vice chairman of Berkshire Hathaway (BRK.A) (BRK.B) spoke up about crypto in an interview on CNBC with host Becky Quick in response to a viewer question regarding banning cryptocurrencies.
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Munger took a moment to organize his thoughts before replying, but once he did, the 99-year-old did not hesitate to spell out his feelings, calling people who opposed his position on crypto "idiots."
"The people who invented this 'crypto crappo', which is my name for it -- sometimes I call it crypto crappo and sometimes I call it ... well, crypto sh*t. And it's just ridiculous that anybody would buy this stuff."
Quick was unable to hold hold back her laughter as Munger went on.
"You can think of hardly nothing on earth that has done more good to the human race that currency -- national currency," he continued. "They were absolutely required to turn from a goddamn successful ape into modern successful humans and human civilization."
"This has enabled all these convenient exchanges. So if somebody says 'I'm going to create something to replace the national currency,' it's like saying 'I'm going to replace the national air'. It's asinine. It's not slightly stupid, it's massively stupid. And of course, it's very dangerous and of course the governments were totally wrong to permit it."
Munger also said he was unhappy about the digital currency being allowed in the U.S. in the first place.
"And of course, I'm not proud of my country for allowing this crap -- what I call the crypto sh*t -- its worthless, it's no good, it's crazy, it'll do nothing but harm, it's antisocial to allow it," he said. "And the guy who made the correct decision on this is the Chinese leader. He took one look at crypto sh*t and he said not in my China. And boom, there isn't any crypto sh*t in China. He's right and we're wrong. And there is no good argument on the other side. I can't supply it."
