Charlie Munger, economist, and vice-chairman of Warren Buffett’s ‘Berkshire Hathaway’ spoke against cryptocurrencies and said China is correctly banning digital assets.
At the Sohn Hearts and Minds conference, which is now taking place in Australia, Munger said while addressing Australian investors that there is some kind of madness in the investment market right now.
Mr. Munger, Mr. Buffet’s right-hand man, said the investment environment was “a little more extreme” than what he had seen in his decades of experience, and he backed China’s attempts to clamp down on “some of the exuberances” of capitalism.
“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.”
He especially disliked the fame of cryptocurrencies:
“I will never buy cryptocurrencies and I prefer they were never invented. 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 users, but only about themselves and their welfare. “
Berkshire Hathaway owners Warren Buffett and Charlie Munger are frequent critics of cryptocurrencies. In February, Munger said that Bitcoin is not suitable for payments, since it is too volatile as an asset.