Berkshire Hathaway vice chairman Charlie Munger has said cryptocurrencies are being used in illegal activities and should be banned.
In his opinion, he is "proud" that he has not invested in digital assets. In particular, he has said:
"I certainly didn't invest in crypto. I'm proud of the fact that I avoided it. It's like some venereal disease."
The billionaire has claimed Bitcoin and other digital assets are used by ransomware operators, hackers, terrorists and other criminals, as well as by people who want to evade taxes.
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Munger thinks the US authorities should "immediately" ban cryptocurrencies. He has added that he "admires" China, which has banned the sector in the country. He believes the United States "made a mistake" in allowing operations with digital assets on the country's territory.
Elon Musk, CEO of Tesla, has reacted to the criticism of the Berkshire Hathaway vice president. He has stated that in 2009, Munger publicly stated that Tesla would fail, something that clearly has not happened. Tesla is currently the most valuable automotive company in the world with a market capitalization of over $950 billion.