Warren Buffett's right-hand man, Charlie Munger, blasted the frothiness in venture capital funding and bitcoin.

During a phone interview on CNBC's "Squawk Box" on Wednesday, Munger was asked if bitcoin was a bubble.

"Yeah sure [on bitcoin] and venture capital, too," Munger replied. "There are always bubbles ... that are going to end badly."

On "Squawk Box" on Wednesday, Buffett also said the craze over bitcoin and other cryptocurrencies won't end well.

The billionaire Munger, who turned 94 on New Year's Day, said there was "too much money" in venture capital, and he compared the current environment to the dot-com bubble in 2000.

"Bitcoin and the other cryptocurrencies are also bubbles," he added. Investors "are excited because things are going up at the moment and it sounds vaguely modern. ... But I'm not excited."

Munger made waves when he said bitcoin is "total insanity" and avoid it "like the plague" at a University of Michigan Ross School of Business event last year.

Munger is one of the most celebrated investors in the world and was an essential partner in Buffett's success. Before becoming vice chairman of Berkshire Hathaway, he had quite the track record himself. From 1962 to 1975, Munger's investment partnership generated 20 percent annual returns versus the S&P 500's 5 percent.