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Charlie Munger has once again attacked cryptocurrencies such as Bitcoin. The 97-year old is a veteran investor who has severally attacked crypto-based investments.
Munger’s criticism was also supported by the vice-chairman of Warren Buffett’s Berkshire Hathaway, who showed further criticism towards the crypto sector while speaking at an investor event in Australia.
Munger compares crypto to dot com era
As aforementioned, Munger is a major crypto critic. In his recent statements, he stated that the current crypto boom is larger than the dot-com era.
“I think the dot com boom was crazier in terms of valuations than even what we have now,” Munger stated. He further stated that he was pleased by China’s decision to ban cryptocurrencies, which helped curb capitalism’s growth.
“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves… I want to make my money by selling people things that are good for them, not things that are bad for them.”
Munger also stated that he would never buy a cryptocurrency and even wishes that these assets were never created.
Munger criticized by the crypto community
Munger’s statements were criticized by many in the crypto community. Some people stated that the failure to understand new technologies such as Bitcoin was not surprising given his age.
The founder of Synthetix, Kain Warwick, stated that while Munger stated that he was only willing to sell good things to people, Berkshire Hathaway was the largest shareholder of Coca-Cola, a company associated with many health conditions.
Another critic further noted that “I’m ok if Charlie Munger doesn’t but crypto. I’m certain there are some things that Charlie buys that I don’t need.”
Moreover, some stated that while China has been attempting to ban cryptocurrencies over the years, this did not prevent the coin from making notable gains over the past eight years.
Veteran investors have been sceptical about cryptocurrency investments. However, institutional firms keep piling into the sector, including SkyBridge Capital, which is now bullish on Bitcoin. Moreover, Morgan Stanley and Goldman Sachs are giant Wall Street firms that have already invested in crypto.
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