Charlie Munger is a communist sympathizer.
The vice chairman of Berkshire Hathaway, who certainly embraces free market capitalism when it benefits him, seems to trivialize it when he doesn’t like it.
Let me explain…
Last week, Munger (who Warren Buffett once declared made him a better man) said that Bitcoin was stupid and evil and that China was right to ban it.
Two things:
- Advocating for the state to ban Bitcoin because the state can’t control it (theoretically, anyway) is pretty much saying you don’t really support the basic fundamentals of free market capitalism.
- This guy has a lot of nerve talking about Bitcoin being evil.
Evil Is as Evil Does
While Charlie Munger thinks Bitcoin is evil, he has no problem making his top holding Bank of America (NYSE: BAC) — to the tune of $83 million.
I guess BAC doesn’t fit into Munger’s definition of evil…
Which is odd considering that this is the bank that misrepresented the safety and liquidity of auction-rate securities to its customers…
The bank that had to settle a racial discrimination lawsuit after it was discovered the bank routinely passed up its Black workers regarding pay, advancements, and resources…
The bank that failed to disclose employee bonuses and financial losses at Merrill Lynch before allowing shareholders to approve the merger of the two companies…
The bank that was found guilty of bid-rigging charges in the municipal bond market…
The bank that gave misleading balance information to customers in an effort to trick them into making additional transactions, which ended up generating extra overdraft charges for the bank…
The bank that improperly increased the interest rate on delinquent credit cards by calculating the rate increase starting at the beginning of the billing cycle when the delinquency occurred…
The bank that was busted for using a rigged system to arbitrate credit card collection disputes…
The bank that used deceptive marketing techniques to enroll and charge credit card customers for bogus credit card protection services…
The bank that violated the Real Estate Settlement Procedures Act by not responding to requests from customers related to the servicing of their home loans…
The bank that made harassing debt-collection calls to customers’ cellphones…
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The bank that, per Reuters, engaged in a “kickback scheme inflating the cost of insurance that homeowners were forced to buy”…
The bank that overreported its regulatory capital by $4.3 billion…
The bank that, on more than one occasion, violated federal overtime pay laws…
Charlie Munger calls Bitcoin evil yet seems to find one of the most evil banks in the world to be ethical and virtuous enough to invest in.
Make no mistake: If Munger had any clue as to how to make some serious cash off of Bitcoin, he’d find it just as morally acceptable as investing in Bank of America.
Don’t get me wrong — Munger didn’t build a net worth exceeding $2 billion by making bad decisions. But I call bullshit on his attack on Bitcoin.
And not because I’m some huge Bitcoin profiteer either — I’m not.
But a lot of people take this guy’s advice and are likely to miss out on some pretty life-changing profits in the crypto space.
In fact, my good friend and colleague Christian DeHaemer has been making a fortune in crypto markets — and not just with Bitcoin either.
I’m talking about lesser-known cryptocurrencies that offer far more bang for your buck than Bitcoin. You can learn about those here.
Bottom line: If you’re looking to grab some quick cash from the crypto space as we head deeper into the reality of crushing inflation, I would encourage you to ignore that out-of-touch communist-sympathizer billionaire Charlie Munger and check this out instead.
To a new way of life and a new generation of wealth…
Jeff Siegel
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Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
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