97-Year Old Billionaire Charlie Munger says He’d “Never” Buy Cryptocurrency
“I want to make my money by selling people things that are good for them, not things that are bad for them,” said the right-hand man of Warren Buffett.
Berkshire Hathaway’s Charlie Munger reiterated his criticism of cryptocurrencies as he said he would not participate in the “insane” crypto boom.
“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” said the 97-year old investor and the right-hand man of Warren Buffett.
According to him, China made the “correct decision” in banning them, and by letting the cryptocurrency market continue, the US “English-speaking civilization” has simply made the wrong decision.
“I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them,” Munger said, who, along with Buffett, has been criticized by crypto market participants for memeing Coca Cola to “greedily profit from feeding poison to children.”
“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”
Reminder that these guys called Bitcoin rat poison while unironically delivering actual poison (coca cola) to the entire world under the guise of folksy capitalism
Cant tell now if this is senility or if old age has brought out fresh honesty about their approach to the world https://t.co/9fDtXzjcSy
— Zhu Su 🔺 (@zhusu) November 1, 2021
Addressing Australian investors at the Sohn Hearts and Minds conference on Friday, Munger further talked about the investment environment being “a little more extreme” than what it has been during his time.
In a wide-ranging discussion with Dr. Mark Nelson of hedge fund Caledonia, he shared his views of the current market, which is said to be wildly overvalued.
According to him, while the dot-com era was crazier in terms of valuations, overall, the current environment is “even crazier” than the dot-com boom of the late 1990s that led to a bust.
Besides backing China's crackdown on crypto, he also backed the country’s attempt to clamp down “some of the exuberances” of capitalism.