Warren Buffet's right hand man, the 97 year old vice chairman of Berkshire Hathaway Charlie Munger, is doubling down yet again on how he's against cryptocurrency. With more and more governments, financial institutions, and traditional money slowly accepting cryptocurrency, Charlie Munger is being vocal yet again regarding his thoughts on the digital asset.
Charlie Munger Says He's Not Buying Cryptocurrency
Wu Blockchain tweeted out that Charlie Munger stated that he is "never going to buy a cryptocurrency" going as far as saying he wishes that it were never invented. To add, Munger even said that the Chinese made the "correct decision" pointing to their choice to ban cryptocurrency while saying "my country has made the wrong decision."
Munger has described the market as "crazier than the dot-com boom" as per an article by MarketWatch. This was to describe the current stock markets and company valuations that were "out of touch with reality."
As per the tweet:
"Charlie Munger, 97-year-old vicechairman of Warren Buffett: I'm never going to buy a cryptocurrency. I wish they'd never been invented, Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision."
Munger Wishes Crypto was Never Invented
According to the story by The Sydney Morning Herald, Munger, in a discussion with Dr. Mark Nelson of hedge fund Caledonia regarding a wide-range of profits, said he would not participate in the cryptocurrency boom while scathing promoters of crypto assets. Munger then made a strong statement saying he won't buy cryptocurrency and wishes that they'd "never been invented."
Munger then expanded on his statement saying "believe me" while explaining that the people who are creating these cryptocurrencies "are not thinking about the consumer." To add, Munger said that the people creating cryptocurrencies are only "thinking about themselves."
Charlie Munger and Warren Buffett on Cryptocurrency
When describing what he is bullish about, Charlie Munger said that he would be in favor of using a lot more renewable energy from either wind and solar. This is even if there were no problems regarding global warming.
Aside from Charlie Munger, Warren Buffett himself has also been very bearish regarding cryptocurrency saying he doesn't welcome a currency "that's so useful to kidnappers and extortionists." To add, Buffett said that the whole development is "disgusting" and even contrary to the interest of civilization itself, according to an article by Yahoo Finance.
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Buffett Said Crypto has 'No Value'
According to an article by CNBC, Buffett said tha cryptocurrencies "have no value" saying that they don't really produce anything. To add, Buffett even gave his thoughts regarding the value of cryptocurrency saying that "in terms of value: zero."
Buffett then clarified that they "don't have any cryptocurrency" saying he "never will." To add to this, Buffett even called Bitcoin "probably rat poison squared" saying it was a "mirage" and "not a currency."
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Written by Urian B.
