12-05-2021, 07:49 PM
Charlie Munger says he wishes cryptocurrencies had ‘never been invented’ and admires China for banning them
![[Image: 105891940-1556912146945gettyimages-11409...=740&h=416]](https://image.cnbcfm.com/api/v1/image/105891940-1556912146945gettyimages-1140932026.jpeg?v=1638545151&w=740&h=416)
Billionaire investor Charlie Munger still isn’t a fan of cryptocurrency.
“I wish they’d never been invented,” Munger said at the Sohn conference in Sydney on Friday, according to The Australian Financial Review.
“I admire the Chinese, I think they made the correct decision, which was to simply ban them,” Munger added.
This year, interest in digital assets surged, with the cryptocurrency market briefly surpassing a market value of $3 trillion in November and top coins, like bitcoin, hitting record highs.
This isn’t a new stance for the 97-year-old vice chairman of Berkshire Hathaway. In May, during a Q&A session at Berkshire’s annual shareholder meeting, Munger said that his dislike for bitcoin increased amid the Covid-19 pandemic.
“Of course I hate the bitcoin success,” he said. “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.”
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” Munger added.
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“I wish they’d never been invented,” Munger said at the Sohn conference in Sydney on Friday, according to The Australian Financial Review.
“I admire the Chinese, I think they made the correct decision, which was to simply ban them,” Munger added.
This year, interest in digital assets surged, with the cryptocurrency market briefly surpassing a market value of $3 trillion in November and top coins, like bitcoin, hitting record highs.
This isn’t a new stance for the 97-year-old vice chairman of Berkshire Hathaway. In May, during a Q&A session at Berkshire’s annual shareholder meeting, Munger said that his dislike for bitcoin increased amid the Covid-19 pandemic.
“Of course I hate the bitcoin success,” he said. “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.”
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” Munger added.
- More -