At an annual address on Wednesday, Charlie Munger, vice chairman at the company and a long time business partner of Warren Buffet, warned investors not to treat the stock market like a gambling parlor and harshly criticized cryptocurrencies.
Over the next hundred years, Munger said that it was a safe assumption that the virtual currency would not exist.
I'm proud of the fact that I've avoided it, it's like a venereal disease.
The billionaire investor, who has long criticized cryptocurrencies for their extreme volatility and lack of regulation, predicted on Wednesday that over the next hundred years, the price of Bitcoin is going.
His comments come a year after the world's largest cryptocurrencies hit a record high of over $68,000, despite a recent downturn.
Munger said that people only adopted the digital currency because of its usefulness in illegal activities.
Munger admitted that the Chinese were correct in banning cryptocurrencies, while the U.S. has been wrong.
The billionaire investor warned about dangerous speculation in markets, as well as issued a dire warning about inflation, with consumer prices surging to 40-year highs in recent months.
Munger said about the stock market being a gambling parlor that the short squeeze in GameStop was wretched excess.
The biggest long-range danger we have is surging inflation, according to Munger. He warned that the current troubles could be worse than what Volcker was dealing with, and that it would be harder to fix.
A billionaire investor predicts that a big box retailer can go head to head with Amazon.
Charlie Munger said that the strongest companies in the world are in China.
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