Digital Assets: Renowned Investor Charlie Munger Sides With China On Its Crypto Ban
Billionaire Munger is vice chairman of Warren Buffett-owned Berkshire Hathaway (NYSE: BRK.A).
Charlie Munger has shot off another broadside against bitcoin, endorsing China’s action in banning cryptos. A long-standing bitcoin skeptic, Munger was speaking in an interview for the Sohn Hearts & Minds Investment Conference, as reported by the AFR and cited by Yahoo News.
“The Chinese made the correct decision, which is just simply to ban them,” Munger said.
“They’re acting in a more adult fashion,” he said, appreciating the Chinese government’s crackdowns on financial bubbles. “They were right to step down so hard on corruption,” he added.
China this year banned bitcoin mining, forcing miners to relocate to other locations such as Russia and Texas. The country also outlawed all forms of crypto trading.
In what appears to be one below the belt, Munger went so far as to allege that crypto industry participants “are not thinking about the customer; they’re thinking about themselves,” and said he wished cryptocurrency had never been invented.
Bitcoin has returned more than 187% over the past one year and nearly 87% year-to-date.
However, in May this year, at Berkshire Hathaway’s (NYSE: BRK.A) annual meeting, Munger said: “Of course I hate the bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
Understandably, crypto aficionados were up in arms. One tweet:
I am reminded of the Buffet quote:
"It takes 20 years to build a reputation and five minutes to ruin it"
— Dan McArdle (@robustus) December 3, 2021
Related Story: Charlie Munger Shreds Bitcoin
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