Charlie Munger, Berkshire Hathaway’s vice chairman and Warren Buffett’s right-hand man, stated that China has done the right thing to “ban” cryptocurrencies, including Bitcoin. He hopes that cryptocurrency has never been invented, and emphasizes that he will not participate in the cryptocurrency boom. He believes that “this era is crazier than the Internet era.”
Warren Buffett’s right-hand man, Charlie Munger, hopes that cryptocurrency has never been invented
Berkshire Hathaway Vice Chairman Charlie Munger, often referred to as Warren Buffett’s right-hand man, spoke about cryptocurrencies at Sohn Hearts and Minds, Australia’s premier investor event, on Friday. The 97-year-old had previously called Bitcoin “rat poison” and compared cryptocurrency transactions to “trading feces.”
When commenting on the current investment environment, he said:
I think that in terms of valuation, the Internet boom is even crazier than what we have now. But in general, I think this era is crazier than the Internet era.
When discussing cryptocurrency, Munger said: “I just can’t bear to participate in these crazy booms, anyway. It seems to be working. Everyone wants to join.”
However, the Berkshire executive emphasized that he has a “different attitude” and elaborated, “I want to make money by selling people what is good for them, not what is bad for them.” He added: “Trust me, people who create cryptocurrencies are not thinking about customers, they are thinking about themselves.”
Munger emphasized: “I will never buy cryptocurrencies. I hope they have never been invented.” He further believes:
I think the Chinese made the right decision, which is to simply ban them. My country-an English-speaking civilization-made the wrong decision.
Munger is optimistic about China, and Berkshire has made major investments in China, including automaker BYD. He believes that the United States and China can reach an “acceptable relationship.” He pointed out that “Australia’s deep involvement in China can be in a constructive position,” he suggested, “Australia can encourage the United States and China to be more rational.”
The Berkshire chairman made some other comments on Bitcoin and cryptocurrencies this year.He said in May: “I should say modestly that the whole damn development [crypto] Yes disgusting And it goes against the interests of civilization. “
In February of this year, he advised investors Never buy bitcoin“This is really an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoins. I recommend that others follow my approach,” he said.
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