Charlie Munger, an American billionaire investor and the vice-chairman of Warren Buffett’s Berkshire Hathaway, has once again slammed the crypto community.
Munger is well-known for his anti-crypto beliefs, and he never hesitates to express them. A few years ago, the billionaire declared his distaste for Bitcoin, calling it a “turd” and a nonproductive asset.
Munger noted today at the Sohn Hearts and Minds conference that the present investing climate is “more severe” than anything he has ever seen. He went on to declare that cryptocurrencies are insane and that he wishes they had never been developed.
The 97-year-old investor does not grasp the cryptocurrency market’s surge:
“In terms of values, I believe the dot-com boom was wilder than even what we have now.” But, in general, I think this age is much crazy than the dot-com era. I’m never going to buy a cryptocurrency.”
Munger added, expressing his strong opposition to cryptocurrencies: “I wish they hadn’t been developed.” He also blamed the madness on the peculiarities of American Millennials. “I’m not sure what they’re like in Australia, but they’re really strange here: very self-centered and very socialist,” he remarked.
At the same time, in a controversial stance, Munger complimented China for their statewide crypto prohibition, claiming that they acted more maturely than other countries. He also chastised the US administration for failing to take comparable measures.
According to him, cryptocurrency is a product of capitalism’s excesses, eventually harming investors.
“I just can’t stomach being a part of these absurd booms, one way or another.” It appears to be working; everyone wants to join in, and I am taking a new approach. “I want to generate money by selling people things that are helpful for them, not terrible for them,” he explained.
“Believe me when I say that those who create cryptocurrencies are not thinking about the client; they are thinking about themselves.”
Warren Buffett, Chairman and CEO of Berkshire Hathaway shares Munger’s views on cryptocurrency and has previously attacked it.
Charlie Munger maintains his criticism of bitcoin’s volatility and lack of regulation. Earlier this year, the Vice Chairman of Berkshire Hathaway termed it “disgusting and opposed to the interests of society.” And he is supported by Warren Buffett.
However, this was not the first time the duo of rich investors has condemned cryptocurrency. In 2018, Buffett referred to bitcoin as “probably rat poison squared,” while Munger referred to it as a “turd.” The coin was valued at roughly $9,800 at the time.
Following Buffet’s remarks that year, Bitcoin’s price continued to rise.