coinfomania.com
American Investor Charlie Munger recently expressed his ill feelings towards crypto, saying that he wished the emerging asset class never existed and that he is never going to invest in it.
He also went further to share his support for China’s crypto ban saying that it was the right thing to do.
I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilization – has made the wrong decision,” Munger said.
The investor noted that the reason he cannot invest in crypto is due to its “insane boom,” and that he has a different view than people acquiring digital assets.
“I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude,” he said.
This is not the first time Munger has come out to express his disdain for the emerging asset class. A few years ago, he lambasted the leading cryptocurrency, Bitcoin (BTC), saying that it is valueless and it’s not something the world needs.
Munger’s long-time partner, Warren Buffett – a famous crypto critic, has also in the past made negative comments on the asset class saying that it is worthless, he doesn’t own it and never will.
Low Paid Americans Quits Job After Getting Crypto-Rich
As the older generation continues to come out in their numbers with negative comments on crypto, young investors that recognize its potential keep pouring money into it as they see it as a way to gain financial freedom rather than worthless as Munger and Buffet made in their comments.
According to data gathered by analytics firm Civic science, low-paid Americans (with the majority making around $50,000) in their numbers are resigning from their jobs after making huge profits from investing in crypto.
The analysis confirmed that 4% of 6,741 workers aged over 18 have left their job over the last year.
Meanwhile, just last month, Coinfomania reported that banks are now paying a 50% premium to employ crypto talents due to the increasing demands of digital assets by their clients.