{"id":14992,"date":"2021-12-05T02:54:05","date_gmt":"2021-12-05T02:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/berkshires-charlie-munger-praises-china-for-banning-crypto-wishes-crypto-had-never-been-invented\/"},"modified":"2021-12-05T02:54:05","modified_gmt":"2021-12-05T02:54:05","slug":"berkshires-charlie-munger-praises-china-for-banning-crypto-wishes-crypto-had-never-been-invented","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/berkshires-charlie-munger-praises-china-for-banning-crypto-wishes-crypto-had-never-been-invented\/","title":{"rendered":"Berkshire\u2019s Charlie Munger Praises China for Banning Crypto \u2014 Wishes Crypto Had Never Been Invented"},"content":{"rendered":"

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett\u2019s right-hand man, says China did the right thing to \u201cban\u201d cryptocurrencies, including bitcoin. He wishes that cryptocurrencies had never been invented, emphasizing that he will not participate in the crypto boom. He considers \u201cthis era even crazier than the dot-com era.\u201d<\/strong><\/p>\n

Warren Buffett\u2019s Right Hand Man, Charlie Munger, Wishes Crypto Had Never Been Invented<\/h2>\n

Berkshire Hathaway Vice Chairman Charlie Munger, often known as Warren Buffett\u2019s right-hand man, talked about cryptocurrency Friday at the Sohn Hearts and Minds, Australia\u2019s premier investor event. The 97-year-old previously called bitcoin \u201crat poison\u201d and likened cryptocurrency trading to \u201ctrading turds.\u201d<\/p>\n

Commenting on the current investing environment, he said:<\/p>\n

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.<\/p>\n

Discussing cryptocurrency, Munger said: \u201cI just can\u2019t stand participating in these insane booms, one way or the other. It seems to be working. Everybody wants to pile in.\u201d<\/p>\n

However, the Berkshire executive emphasized that he has \u201ca different attitude,\u201d elaborating, \u201cI want to make my money by selling people things that are good for them, not things that are bad for them.\u201d He added: \u201cBelieve me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.\u201d<\/p>\n

Munger stressed: \u201cI\u2019m never going to buy a cryptocurrency. I wish they\u2019d never been invented.\u201d He further opined:<\/p>\n

I think the Chinese made the correct decision, which is to simply ban them. My country \u2014 English-speaking civilization \u2014 has made the wrong decision.<\/p>\n

Munger was positive about China, where Berkshire has major investments including car manufacturer BYD. He believes that the U.S. and China could reach an \u201cacceptable relationship.\u201d Noting that \u201cAustralia, with its deep involvement in China, can be in a constructive position,\u201d he suggested, \u201cAustralia can encourage both the United States and China to be more reasonable.\u201d<\/p>\n

The Berkshire chairman made a few other comments regarding bitcoin and cryptocurrency this year. He opined in May: \u201cI should say modestly that the whole damn development [crypto] is disgusting<\/a> and contrary to the interest of civilization.\u201d<\/p>\n

In February, he advised investors to never buy bitcoin<\/a>. \u201cIt\u2019s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin, and I recommend other people follow my practice,\u201d he said.<\/p>\n

What do you think about the comments by Charlie Munger? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, Banning Bitcoin, banning crypto, Berkshire Hathaway, Bitcoin, BTC, Charlie Munger, Cryptocurrency, Warren Buffett<\/p>\n","protected":false},"excerpt":{"rendered":"

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett\u2019s right-hand man, says China did the right thing to \u201cban\u201d cryptocurrencies, including bitcoin. He wishes that cryptocurrencies had never been invented, emphasizing that he will not participate in the crypto boom. He considers \u201cthis era even crazier than the dot-com era.\u201d Warren Buffett\u2019s Right Hand Man, Charlie…<\/p>\n","protected":false},"author":0,"featured_media":14993,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14992"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14992"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14993"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}