The American billionaire investor, and the vice chairman of Warren Buffett’s Berkshire Hathaway, Charlie Munger presented his two cents about crypto, and it’s not a good look for the community. Today, at the Sohn Hearts and Minds conference, Munger expressed his extreme anti-crypto views, saying that he wishes cryptocurrencies had “never been invented”. He claimed the decentralized is even “crazier than the dot-com era”, swearing that he is not one to participate in the “insane” cryptocurrency boom.
“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era…I’m never going to buy a cryptocurrency. I wish they’d never been invented.”, said Munger.
Munger Believes in the Smart China over the Shallow Crypto
Furthermore, Munger praised China for its radical decision of imposing a nationwide crypto ban, asserting that the US had made a big mistake by not doing the same. He noted that the Chinese government has played it smart by cutting back on some of the “exuberances that come with capitalism”. Along with praising China’s anti-crypto move, Munger also claimed that the decentralized business is highly producer-focused. Additionally, while referring to crypto, Munger stated that he wanted to make his money by “selling people things that are good for them, not things that are bad for them”.
“I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision…I want to make my money by selling people things that are good for them, not things that are bad for them…Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
The crypto community has travelled a long way to reach a point where mainstream adoption appears to be a reality. However, no evolution comes without backlash. While countries like China have imposed a hardcore ban on crypto, there are also nations like El Salvador that are finally enjoying success of its Bitcoin Legal Tender. Amid the extreme crypto positions globally, India has decided to play it safe in the middle by merely regulating crypto, instead of a straight up ban.