Cryptocurrency trading has become increasingly popular over the years, with many investors looking for the potential of large returns. We compared account minimums, Cryptocurrency offerings, fees, mobile app ratings, and more. But if you were seeking any more reasons to be skeptical of the crypto market, here you go: Nearly a quarter of new coins minted on the Ethereum blockchain are scams, according to The Wall Street Journal. And billionaire investor Charlie Munger, who is the vice chairman at Berkshire Hathaway, has some strong words for Cryptocurrency: "Cryptocrapo".
In an interview with Yahoo Finance, Munger said he believes cryptocurrencies are "totally asinine" and "non-productive". He went on to say that banning it is not a bad idea, which shocked many people. After all, Munger is nearly a hundred years old and has seen a variety of different investments become popular over the years.
Munger's statements come at a time when the Cryptocurrency market is facing a number of issues. Two foreign nationals residing in Korea have been arrested for funding an al-Qaida-linked terrorist group using Cryptocurrency, according to South Korean authorities. This news has caused concern among governments and law enforcement agencies, who are now starting to look into the risks associated with Cryptocurrency trading.