Charlie Munger Calls Cryptocurrency "Cryptocrapo"

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.

Financial policy academics and regulatory stakeholders have also stressed the need for the regulation of Cryptocurrency markets and digital assets. The defendant in a widespread Cryptocurrency fraud case has been living in a “garden of electronic devices,” the judge says. Cryptocurrency monitoring firm Elliptic linked Sinbad to sanctioned mixer Blender.

Dogetti (DETI) and Cardano (ADA) are the perfect addition to your crypto portfolio since both projects offer ideal Cryptocurrency investments for both long-term and short-term investors. DETI is a new Cryptocurrency that is built on the Ethereum blockchain, and Cardano is an open-source blockchain platform that is designed for smart contracts and distributed applications.

The bottom line is that Cryptocurrency investing is not for the faint of heart. The market is volatile and there are a lot of risks involved. Billionaire investor Charlie Munger isn't a fan of Cryptocurrency. The Berkshire Hathaway vice chairman called the form of virtual currency "cryptocrapo" and said it's "totally asinine" and "non-productive".

When considering Cryptocurrency investments, it's important to do your own research and evaluate the market conditions. Be sure to diversify your portfolio and invest in projects that are backed by a strong team and have a good track record.