Warren Buffett’s right-hand man, Berkshire Hathaway Vice Chairman Charlie Munger, says China has done the right thing to “ban” cryptocurrencies, including Bitcoin. He hoped that cryptocurrencies were not invented and emphasized that he would not participate in the crypto boom. He thinks “this era is even more crazy than the dot-com era.”
Warren Buffett’s right arm, Charlie Munger, hope the crypto was not invented
Berkshire Hathaway Vice Chairman Charlie Munger, well known as Warren Buffett’s right-hand man, spoke about cryptocurrencies on Friday at Son Hearts and Mind, Australia’s leading investor event. A 97-year-old woman who used to call Bitcoin a “rat poison” likened cryptocurrency trading to “trading dung.”
Commenting on the current investment climate, he said:
I think the dot-com boom was crazy in terms of evaluation than the current boom. But overall, I think this era is even more crazy than the dot-com era.
Manger, who is discussing cryptocurrencies, said: It seems to be working. Everyone wants to stack up. “
However, a Berkshire executive emphasized that he “has a different attitude,” and said, “I want to make money by selling good things, not bad things.” “Believe me, the people who create cryptocurrencies aren’t thinking about their customers, they are thinking about themselves.”
Manger emphasized: “I’m not going to buy cryptocurrencies. I wish they weren’t invented.” He further commented:
I think the Chinese made the right decision, it’s just banning them. My country-an English-speaking civilization-has made the wrong decision.
Munger was positive in China, where Berkshire is making major investments, including automaker BYD. He believes that the United States and China can reach an “acceptable relationship.” “Australia is deeply involved in China and can be in a constructive position,” he said. “Australia can encourage both the United States and China to be more rational.”
Berkshire’s chairman made several other comments on this year’s Bitcoin and cryptocurrencies. He said in May: [crypto] It’s a bad thing, and it’s against the interests of civilization. “
In February, he advised investors to never buy Bitcoin. “It’s really an artificial alternative to gold. And I’ve never bought gold, so I’ve never bought Bitcoin. I encourage others to follow my habits.” He said.
What do you think of Charlie Munger’s comments? Let us know in the comments section below.
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