Charlie Munger, 97, economist and vice chairman of Berkshire Hathaway, spoke out against cryptocurrencies and said that China is correctly banning digital assets on its territory.
At the Sohn Hearts and Minds conference, which is now taking place in Australia, Munger said that there is some kind of madness in the investment market. He noted that during the dot-com boom, the capitalization of companies was higher, but the financial market itself is now more insane and wild. He especially dislikes the popularity of cryptocurrencies:
“I will never buy cryptocurrencies and I would even like them not to be invented at all. I think China made the right decision by simply banning them. My country is on a different, wrong path. I want to make money by selling good things to people. Believe me, the people who created cryptocurrencies did not think about consumers, but about themselves and their welfare. ”
Berkshire Hathaway owner Warren Buffett and Charlie Munger are frequent critics of cryptocurrencies. So, in February, Munger said that Bitcoin is not suitable for payments, since it is too volatile an asset.
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