[ccpw id="39382"]

HomeCrypto NewsMarketEconomist And Vice-Chairman of Warren Buffett’s 'Berkshire Hathaway', Charlie Munger Said China Is Rightly Banning Digital Assets

Economist And Vice-Chairman of Warren Buffett’s ‘Berkshire Hathaway’, Charlie Munger Said China Is Rightly Banning Digital Assets

Date:

Written By:

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.

- Advertisement -

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. “

- Advertisement -

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.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

More from Author

Latest Stories

Guides