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Legendary investor Charlie Munger has expressed his disdain for crypto, declaring that he wished “they’d never been invented”. He also praised China for taking action to ban their use.
Charlie Munger Praises China for its Crypto Ban
Speaking to Dr. Mark Nelson of Sydney hedge fund Caledonia at the Sohn Hearts and Minds Investment Conference, the 97-year-old vice chairman of Warren Buffett’s Berkshire Hathaway said that the current investment environment was “a little more extreme” than anything he’d witnessed in his decades of experience.
“The dotcom boom was crazier on the valuations even than we have now but overall, I consider this era even crazier than the dotcom era,” he said.
“I admire the Chinese, I think they made the correct decision, which was to simply ban them. In my country, English-speaking civilization has made the wrong decision, I just can’t stand participating in these insane booms, one way or another."
Not a Bitcoin Fan
This is not the first time Mr. Munger has expressed his dislike for the nascent asset class. In a Q&A at Berkshire’s annual shareholder meeting in May, he said “Of course I hate the bitcoin success.”
“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” adding, “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilisation.”
Munger is set to turn 98 on New Year’s Day. He has served on the board of Berkshire Hathaway since 1978 during which time the company has increased its assets from $220 million to $460 billion.