VC of Warren Buffett’s Berkshire Hathaway critical of cryptocurrencies, wishes 'they’d never been invented'
The Vice-Chairman of Warren Buffet's Berkshire Hathaway, Charlie Munger, was highly critical of cryptocurrencies in his recent one-on-one with Dr. Mark Nelson of hedge fund Caledonia. He outlined that the boom of these blockchain-based assets is "a little more extreme" than what he'd considered.
Munger dismissive of cryptocurrencies
In his statement, Munger pointed out that the growth of cryptocurrencies is crazier than the dot-com era. However, he also said that the dot-com era was more "crazier in terms of valuations." In his discussion with Dr. Nelson at the Sohn Hearts and Minds, Australia's premier investor event, Munger clearly stated that he would never own cryptocurrencies."I'm never going to buy a cryptocurrency. I wish they'd never been invented," said Munger in his statement.He slammed the blockchain-based assets and also praised the traditional retail business CostCo, an American MNC operating a chain of membership-only big-box retail stores. Furthermore, he also pointed out that the creators of these tokens don't care what happens to the people who own them, hinting that cryptocurrencies are bad for people.
"Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves," said Munger.
China did the right thing?
According to Munger, China has done the right thing by shutting out cryptocurrencies and related processes from the nation. He also believes that the United States should shake hands with China on the same. He said that China's cutting down of mining activities and introduction of digital yuan is the "exuberance that comes with capitalism.""They are acting in a more adult fashion than we are," Munger pointed towards the United States' unclear stance on cryptocurrencies.However, on the other hand, the SEC Chair, Gary Gensler, has called out for cooperation from cryptocurrency exchanges and work inside the rules established by the law. Although, the regulatory authority continues to ban spot Bitcoin-based ETFs.
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