Berkshire Hathaway’s deputy Charlie Munger, Warren Buffett’s right-hand man, says China did the right thing to “ban” cryptocurrencies, including bitcoin. He wishes that cryptocurrencies had never been invented, and emphasizes that he does not want to participate in the cryptocurrency boom. He considers “this era even crazier than the dot-com era.”[ads1];
Warren Buffett’s right hand man, Charlie Munger, wishes crypto had never been invented
Berkshire Hathaway’s deputy Charlie Munger, often known as Warren Buffett’s right-hand man, spoke on Friday about cryptocurrency at Sohn Hearts and Minds, Australia’s leading investor event. The 97-year-old previously called bitcoin “rat poison” and compared cryptocurrency trading to “rat trading”.
Commenting on the current investment environment, he said:
I think the dot-com boom was crazier when it comes to valuations than we have now. But overall, I find this era even crazier than the dot-com era.
Munger talked about cryptocurrency: “I just can not bear to participate in these crazy booms, one way or another. It seems to work. Everyone wants to jump in. “
However, the Berkshire boss stressed that he has “a different attitude”, elaborating: “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, those who create cryptocurrencies do not think of the customer, they think of 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, which is to simply ban them. My country – English-speaking civilization – has made the wrong decision.
Munger was positive about China, where Berkshire has large investments, including the car manufacturer BYD. He believes the United States and China can reach 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 regarding bitcoin and cryptocurrency this year. He said in May: “I should say modestly that the whole damn development [crypto] is disgusting and contrary to 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 any gold, I never buy any bitcoin, and I 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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