FX.co ★ Businessman Charlie Munger slams bitcoin and crypto market

Businessman and Warren Buffett's long-time business partner Charlie Munger gave a big interview this week where he blasted crypto.

"I'm proud of the fact I've avoided it. It's like some venereal disease ... I just regard it as beneath contempt," Munger said about cryptocurrencies. He also predicted the Federal Reserve's monetary policy would end in a real collapse and rampant speculation in the stock market would never stop.

Berkshire Hathaway's vice chairman does not share the views on passive investing in cryptocurrency and expectations of their growth over the years.

He chooses active investing that involves skills, an analytical mindset, and the right approach. Charlie Munger called out the "wretched excess" in both venture capital and bitcoin, saying that "venture capital is throwing too much money too fast."

Today, we can see a large excess of venture capital. Munger has never invested in cryptocurrencies and he does not understand the point of wasting his money on out-of-control bubbles.

He asserted that people welcome digital assets because of their usefulness in extortion, kidnapping, tax evasion, money laundering, and terrorism.

He says the cryptocurrency market should be immediately closed and admires the Chinese government for banning it as well as mining.

The billionaire believes people should not invest their money in bitcoin and expect to become rich. Bubbles exist for years and they can burst at the most inappropriate moment.

Munger reckons people should invest in blue chips - time-tested stocks that have actual value.