Charlie Munger: Cryptocurrency is a destabilizing financial invention with no benefits

ChainCatcher news, Berkshire Hathaway Vice Chairman and long-time business partner of Warren Buffett, Charlie Munger, made sharp criticisms of Bitcoin and other cryptocurrencies in an interview with The Wall Street Journal.

He believes it is a destabilizing and useless financial invention, stating that the emergence of Bitcoin is akin to throwing a "stinky ball" into the time-tested formula of traditional finance. Munger emphasized the importance of strong currencies in the transition from primitive societies to advanced civilizations, pointing out that the stability of money, whether shells or gold coins, has always been the most important factor.