Munger, billionaire Buffet’s right-hand man, spoke about cryptography at the Sohn Hearts & Minds Conference on December 3, according to a report. Sydney Morning Herald.
This isn’t the first time that 97-year-old Munger has been more than skeptical about cryptocurrency. Munger described Bitcoin’s success as “disgusting” at the beginning of this year. This time around, he says he believes China made the right decision by banning cryptocurrencies and suppressing “some exuberance” in capitalism.
I think the Chinese made the right decision to simply ban them. My country, the English-speaking civilization, made the wrong decision.”
US regulators have confirmed that they have no plans to ban cryptocurrencies after China cracked down on the industry once again. China was by far the largest Bitcoin mining country in the world, but since the summer most miners have left the country or closed their doors.
“I wish they had never invented”
Munger goes one step further in his critique, accusing the people behind cryptocurrency of being greedy:
“Believe me, people who create cryptocurrencies don’t think of the customer, they think of themselves. I want to make my money selling them things that are good, not bad things for them.”
It is not taken seriously, as he is a major shareholder in brands like Coca-Cola and owner of banks that have been caught in money laundering. It also adds the following:
“I would never buy cryptocurrency. I wish they had never been invented.”
Finally, Munger makes the old comparison between crypto and the dot-com bubble in the late 1990s:
“I think the dotcom boom was crazier in valuation than we have now. But overall, I think this era is crazier than the dotcom era.”
Charlie Munger: I’m happy to ban China # bitcoin
Bitcoin: It’s Up 5,585% Since The First China Ban In 2013 pic.twitter.com/Pu6MdsBJxZ
– Blockworks (@Blockworks_) December 3, 2021
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