Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, says China did the right thing to “ban” cryptocurrencies, including bitcoin. He said that he wishes cryptocurrencies hadn’t been invented. He considers “this era 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, talked about cryptocurrency Friday at the Sohn Hearts and Minds, Australia’s premier investor event. The 97-year-old previously called bitcoin “rat poison” and likened cryptocurrency trading to “trading turds.”
His comments on today’s investment climate were:
In terms of values, I believe the boom in dot.com was even more crazy than what we now have. Overall, however, this era seems even worse than the dotcom era.
Discussing cryptocurrency, Munger said: “I just can’t stand participating in these insane booms, one way or the other. This seems to work. Everybody wants to pile in.”
However, the Berkshire executive emphasized 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, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
Munger stressed: “I’m never going to buy a cryptocurrency. I wish they’d never been invented.” He further opined:
The Chinese took the right decision and banned them. My country — English-speaking civilization — has made the wrong decision.
Munger expressed optimism about China where Berkshire holds major investments, including BYD car maker. He believes that the U.S. and China could reach an “acceptable relationship.” Noting that “Australia, with its deep involvement in China, can be in a constructive position,” he suggested, “Australia can encourage both the United States and China to be more reasonable.”
This year, the Berkshire Chairman made some other remarks about bitcoin and cryptocurrency. He opined in May: “I should say modestly that the whole damn development [crypto] is disgusting and contrary to the interest of civilization.”
He advised bitcoin investors not to buy it in February. “It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin, and I recommend other people follow my practice,” he said.
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