Berkshire’s Charlie Munger Praises China for Banning Crypto — Needs Crypto Had By no means Been Invented – Featured Bitcoin Information
Berkshire Hathaway vice chairman Charlie Munger, Warren Buffett’s right-hand man, says China did the right thing to “banned” cryptocurrencies, including Bitcoin. He wishes that cryptocurrencies were never invented and stresses that he will not participate in the crypto boom. He thinks “this era is even crazier than the dot-com era”.
Warren Buffett’s right-hand man, Charlie Munger, wishes crypto had never been invented
Berkshire Hathaway Vice Chairman Charlie Munger, often known as Warren Buffett’s right-hand man, spoke about cryptocurrency on Friday at Son Hearts and Minds, Australia’s premier investor event. The 97-year-old previously described Bitcoin as “rat poison” and compared trading in cryptocurrencies to “trading shit”.
Regarding the current investment environment, he said:
I think the dotcom boom has been crazier in terms of ratings than what we have now. But overall, I think this era is even crazier than the dot-com era.
Regarding cryptocurrency, Munger said, “I just can’t stand to be part of these insane booms, one way or the other. It seems to work. Everyone wants to hit it. “
However, the Berkshire manager insisted that he had “a different mindset”, adding, “I want to make a living by selling people things that are good for them, not things that are bad for them.” He added, “Believe me, the people who create cryptocurrencies don’t think about the customer, they think about themselves.”
Munger emphasized: “I will never buy a cryptocurrency. I wish they had never been invented. ”He went on to say:
I think the Chinese made the right decision to just ban them. My country – the English speaking civilization – made the wrong decision.
Munger was positive about China, where Berkshire is making significant investments, including automaker BYD. He believes the US and China could achieve an “acceptable relationship”. He noted that “Australia, with its deep commitment to China, can be in a constructive position,” he suggested, “Australia can encourage both the United States and China to be more sensible.”
The Berkshire chairman made some other comments on bitcoin and cryptocurrency this year. He said in May, “I should humbly say the whole damn thing [crypto] is disgusting and contradicts the interests of civilization. “
In February, he advised investors never to buy Bitcoin. “It’s really a kind of artificial substitute for gold. And since I never buy gold, I also don’t buy bitcoins and recommend other people to follow my practice, ”he said.
What do you think of Charlie Munger’s comments? Let us know in the comment section below.
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