Charlie Munger from Berkshire praises China for banning crypto – wishes crypto had never been invented

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Berkshire Hathaway Vice President Charlie Munger, Warren Buffett’s right-hand man, said China has done what it takes to “ban” cryptocurrencies, including bitcoin. He wishes cryptocurrencies were never invented, stressing that he will not participate in the crypto boom. He considers “this time even crazier than the dot-com era”.

Warren Buffett’s right-hand man Charlie Munger wishes crypto was never invented

Berkshire Hathaway Vice President Charlie Munger, often known as Warren Buffett’s right-hand man, spoke about cryptocurrency at Sohn Hearts and Minds, Australia’s premier investor event on Friday. The 97-year-old has previously referred to bitcoin as “rat poison” and compared cryptocurrency trading to “turd trading.”

Commenting on the current investment environment, he said:

I think the dot-com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era.

Discussing cryptocurrency, Munger said, “I just can’t stand participating in these insane booms one way or another. It seems to be working. Everyone wants to pile up.

However, the Berkshire executive stressed that he had “a different attitude”, stating: “I want to make my money 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 of the customer, they think of themselves.”

Munger pointed out, “I will never buy cryptocurrency. I wish they had never been invented. He added :

I think the Chinese made the right decision, which is to simply ban them. My country, the English-speaking civilization, made the wrong decision.

Munger was positive about China, where Berkshire has major investments, including automaker BYD. He believes that the United States and China could achieve an “acceptable relationship”. Noting that “Australia, with its deep involvement in China, can be in a constructive position,” he suggested, “Australia can encourage the United States and China to be more reasonable.”

The president of Berkshire made a few other comments regarding bitcoin and cryptocurrency this year. He expressed his opinion in May: “I should modestly say that all the damn development [crypto] is disgusting and contrary to the interests of civilization.

In February, he advised investors never to buy bitcoin. “It really is sort of an artificial substitute for gold. And since I never buy gold, I never buy bitcoin and recommend others to follow my practice, ”he said.

What do you think of Charlie Munger’s comments? Let us know in the comments section below.

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