Charlie Munger, the famous billionaire and investment legend, backs China’s crypto crackdown and believes that the current climate on international markets is a bigger concern than the 2000s’ dot-com era. He also called the crypto craze an insane situation.
While speaking at the Sohn Hearts and Minds conference, Berkshire Hathaway’s 97-year old chairman said that the current investment environment is a little more expensive than what he had seen in his time.
He further states:
“I think the dot com boom was crazier in terms of valuations than even what we have now. I find this era even crazier than the dot-com era.”
While talking to hedge fund Caledonia’s Mark Nelson about the crypto industry, Munger displayed a dismissive behavior saying that he will never participate in the “insane” digital asset boom. He didn’t stop there and said that he wished they’d never been invented.
The right hand of Warren Buffet, who can buy two-thirds of the total Bitcoin, supported the Chinese crypto crackdown and said, “I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.”
Munger joins the crypto critics list
He said that he wishes to offer people things that are beneficial to them, not the things that are bad to them. However, he believes that the crypto founders and investors are showing different attitudes as he said, “Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
Talking about the volatile relationship between the United States and China, he said that he believes that the two nations will reach an acceptable agreement, and Australia could play a huge role in achieving them by calming tensions between the two.
He said he favors technology that consumes renewable energy from wind and solar even if the global warming problem hadn’t existed.
He said that he likes how institutions are taking steps to reduce the burning of coal, gasoline, and diesel and replacing them with renewable energy.
This is not the first time when crypto has been slammed by a big name. Before this, many investors, including Bill Gates, Warren Buffet, and Peter Schiffs have questioned its existence.
On the other hand, crypto supporters like Elon Musk are known to create hype and intensify crypto adoption. Recently, MicroStrategy topped 7,002 more Bitcoins to its portfolio.