Charlie Munger, vice chairman of Berkshire Hathaway and a longtime business associate of Warren Buffett, gave an annual presentation on Wednesday in which he slammed cryptocurrencies like Bitcoin and advised investors not to approach the stock market like a “gambling parlour.”

The 98-year-old investing legend compared cryptocurrency to a sexually transmitted disease during a shareholder Q&A session at the annual meeting of the Los Angeles-based media company Daily Journal Corporation.

On Wednesday, the billionaire investor, who has long attacked cryptocurrencies for their excessive volatility and lack of regulation, projected that “the safe assumption” for investors is that the price of Bitcoin will “fall to zero” over the next hundred years.

“I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.”

Charlie Munger

His remarks come after Bitcoin, the world’s largest cryptocurrency, set a record high of over $68,000 last year as a result of increased popular adoption on Wall Street, however, its price has since dropped to roughly $44,000 following a recent dip.

“I wish it had been banned immediately,” Munger added, expressing his disdain for Bitcoin (BTC) and other cryptocurrencies. I applaud the Chinese for prohibiting it. I believe they were correct, and we made a mistake by allowing it.”

“We already have a digital money, it’s called a bank account,” Munger remarked, adding that he believes crypto’s popularity stems from its usage in unlawful acts such as extortion, kidnapping, and tax avoidance.

As a result, Munger “admire[s] the Chinese” for banning cryptocurrencies, claiming that “they were right” while the US was “wrong” to allow them and that a comparable restriction should be implemented “immediately.”

In other remarks, the billionaire investor expressed concern about risky market speculation as well as a severe warning about inflation, which has recently risen to 40-year highs.

Munger and Buffet aren’t shy in criticising and dismissing the rise of cryptocurrency. Buffett has previously mocked Bitcoin as an “illusion that attracts charlatans” asset that “does not create anything,” referring to it as “rat poison squared” and a “delusion that attracts charlatans.”

Munger’s visionary depiction of cryptocurrencies does not appear to be mirrored in Berkshire Hathaway’s current investment philosophy, which is moderating its stance on cryptocurrency.

Berkshire Hathaway announced late Monday that it has extended its cryptocurrency exposure by purchasing $1 billion in Nubank stock, Brazil’s largest fintech bank, which is popular among Brazil’s crypto investors.

“The Nubank investment can be seen as Buffett’s way of supporting the fintech/crypto world without reversing his previous criticisms,” said Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, who added that Berkshire is now indirectly supporting the “digital currency ecosystem.”

Nubank is a neobank, which is a sort of bank that works outside of the regular banking system’s rules. NuInvest, the digital bank’s investing arm, allows users to invest in a Bitcoin exchange-traded fund (ETF), tapping into a financial market that Berkshire’s executives have shown little enthusiasm for.

Last summer, Berkshire purchased a $500 million investment in Nubank, months before the business went public in December 2021. Nubank declared at the time that this was the single largest investment the fintech bank had ever received.

Last year, as Berkshire increased its crypto investments, it also reduced its holdings in other, more traditional financial assets. Berkshire Hathaway announced that it had lost nearly $3 billion in its Visa and Mastercard shares in the same SEC filing that revealed the $1 billion investment in Nubank.

In Latin America, where a big percentage of the population feels underserved by the existing banking and financial system, there is fierce competition among up-and-coming digital banks. Nubank, for example, is attempting to tap into a sizable potential consumer market of people who are mostly unsatisfied with the current system.

“There are so many opportunities in [Latin America].” Nubank cofounder Cristina Junqueira told Fortune in June that “the mix of a great population, poor client experiences, and extremely high fees is unmatched.” “There is no region on the planet that is better equipped for fintech companies to attack in terms of having a fantastic opportunity.”