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Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

  • Charlie Munger believes that markets are wildly overvalued in places, and the current era is even crazier than the dotcom boom of the 1990s. 
  • The American billionaire revealed that he wishes that cryptocurrencies were never invented and praised China for the crypto ban. 
  • The 97-year-old vice chairman of Berkshire Hathaway expresses his aversion to “exuberances of capitalism” and considers crypto bad for investors. 

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

Munger supports China’s clamp down on the cryptocurrency boom

Charlie Munger is the 97-year-old vice chairman of Berkshire Hathaway. Munger is critical of cryptocurrencies and believes that they should never have been invented. 

Munger, considered the right-hand man of Warren Buffet, revealed that the current investment environment was a “little more extreme” than what he had seen in decades of his experience. Munger said, 

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.

In discussion with Dr.Mark Nelson, Munger spoke on the issue of cryptocurrencies. The vice-chairman of Berkshire Hathaway agrees with China’s stance to ban cryptocurrencies. He revealed that he would not participate in the “insane” cryptocurrency boom. He believes that the promoters of cryptocurrencies are not thinking about the customer; they are thinking about themselves. 

Munger’s comments align with his previous statements on cryptocurrencies representing “speculative excess” and asymmetric wealth. He had already said, 

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. I want to make my money by selling people things that are good for them, not things that are bad for them.

The vice-chairman of Berkshire Hathaway also affirmed that, 

I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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