Charlie Munger, Warren Buffett’s longtime business partner, has called out the “wretched excess” in venture capital and bitcoin, and said that cryptocurrencies should be banned.

“I wish it had been banned immediately, and I admire the Chinese for banning it,” Mr Munger said on Wednesday US time at Daily Journal Corp’s annual meeting, which was held virtually. “I certainly didn’t invest in crypto. I’m proud of the fact I’ve avoided it. It’s like a venereal disease or something. I just regard it as beneath contempt.”

Bloomberg