The businessman and friend of Buffett showed his support to China on its measures against cryptocurrencies and reiterated that he would never purchase Bitcoin.
Charlie Munger, the billionaire vice president of conglomerate Berkshire Hathaway, has again lashed out at Bitcoin.
At 97 years old, Munger is a celebrated investment legend, also the right-hand man of renowned businessman Warren Buffett. But in the digital currency space, Munger is famous for being a longtime naysayer, as is Buffett. Both billionaires have never been fans of Bitcoin and have openly shared their skepticism of crypto.
In an interview this week, the Berkshire Hathaway vice president reiterated his stance against the first digital currency. In general, though, he spoke out against the entire crypto environment. He said he wishes they never existed and praised the Chinese government for banning them.
Munger Praises China for Banning Bitcoin
Munger spoke about his stance on cryptocurrencies in the Sohn Hearts & Minds 2021 Investment Leaders Conference.
The Sydney Morning Herald quoted the businessman’s words. He said he celebrated the actions led by China to curb the growth of the crypto industry.
The Chinese state has imposed harsh measures against cryptocurrencies, banning their trade and attacking crypto mining operations. The investor spoke out in favor of the procedures taken by the Asian power. They said they think China was right to cut back on some exhilaration that comes along with capitalism.
The billionaire also presented his views on the current investment landscape in the markets, which he described as more extreme than anything he had seen. The dot-com boom was more deranged in valuations than ever, but the billionaire thinks this era is even crazier than the dot-com one.
The chairman also added that he wishes cryptocurrencies should not exist. He also assured that people in the cryptocurrency business do not show interest in improving customers’ finances. He said these businessmen only think about themselves.
Billionaire’s Position Come without Surprises
Munger has been a cryptocurrency detractor for years, and this 2021 he has been particularly emphatic with his criticism. At the beginning of the year, the investor negatively described Bitcoin as an “artificial substitute for gold” and assured that his company would not follow Tesla’s footsteps to add the asset to its balance sheet.
A few months later, in May, he said that cryptocurrency was disgusting and contrary to the interests of civilization. He argued at that time that Bitcoin facilitates illicit activities for malicious actors.
While Munger’s most recent comments didn’t cause too many surprises, they did generate multiple reactions within members of the crypto community.
Many users and bitcoin enthusiasts even ridiculed his stance, pointing out that the inability to understand new technology was not a surprise considering his age. Meanwhile, others don’t see why people should bother about the billionaire’s attitude.
By: Jenson Nuñez