Berkshire’s Charlie Munger Praises China for Banning Crypto — Wishes Crypto Had Never Been Invented

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, says China did the right thing to “ban” cryptocurrencies, including bitcoin. He wishes that cryptocurrencies had never been invented, emphasizing that he will not participate in the crypto boom. He considers “this era even crazier than the dot-com era.”

Berkshire Hathaway Vice Chairman Charlie Munger, often known as Warren Buffett’s right-hand man, talked about cryptocurrency Friday at the Sohn Hearts and Minds, Australia’s premier investor event. The 97-year-old previously called bitcoin “rat poison” and likened cryptocurrency trading to “trading turds.”

Commenting on the current investing environment, he said:

I think the dot-com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era.
Munger was positive about China, where Berkshire has major investments including car manufacturer BYD. He believes that the U.S. and China could reach an “acceptable relationship.” Noting that “Australia, with its deep involvement in China, can be in a constructive position,” he suggested, “Australia can encourage both the United States and China to be more reasonable.”
In February, he advised investors to never buy bitcoin. “It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin, and I recommend other people follow my practice,” he said.

What do you think about the comments by Charlie Munger? Let us know in the comments section below.