Charlie Munger feels that the United States made a mistake by not prohibiting Cryptocurrencies.
The Sydney Morning Herald writes that Charlie Munger, the American billionaire investor and vice chairman of Berkshire Hathaway, welcomed the Chinese government’s decision to prohibit cryptocurrencies during his participation at the Sohn Hearts and Minds on Dec. 3.
Simultaneously, Munger chastised the United States and other English-speaking nations for failing to follow China’s lead:
I believe the Chinese made the perfect move in banning them outright. My nation – that is, the English-speaking culture – has chosen the incorrect choice.
Gary Gensler, Chairman of the Securities and Exchange Commission, and Jerome Powell, Chairman of the Federal Reserve, both recently stated that the United States has no intentions to follow China’s lead and restrict cryptocurrencies.
The 98-year-old investor wishes cryptocurrency never existed, claiming they would never be a part of his portfolio: I will never purchase a cryptocurrency. They’re something I wish had never been developed.
Munger is a firm believer that cryptocurrency issuers are motivated only by their own self-interest. Regarding the present state of the market, the renowned value investor asserts that it is much more ridiculous than the late-90s dot-com bubble:
I believe that the dot com bubble was much crazy in terms of valuations than what we are seeing presently. However, I believe that this period is much crazy than the dot-com era.
Munger likened Bitcoin and Tesla to “a louse and a flea” in late February. Warren Buffett, the CEO of Berkshire Hathaway, is also a well-known crypto sceptic who feels Bitcoin has no value. In February 2019, the “Orache of Omaha” emphasised the importance of blockchain:
It’s clever, and blockchain is critical, but Bitcoin has no intrinsic value; it generates nothing. You may look at it all day and no little Bitcoins or anything like that will appear. Essentially, it is an illusion.
Also Read: Elon Musk Slams Web3, Declaring It ‘Sounds Like BS’
Wallets