Charlie Munger, a 97-year old investment veteran, continues to scold cryptocurrencies like Bitcoin (BTC) and the crypto community responds quickly to his latest comments.
The Berkshire Hathaway vice-chairman Warren Buffett spoke about crypto at Australia’s investor conference, the Sohn Hearts and Minds conference. He also reiterated his extreme skepticism towards the industry, according to The Sydney Morning Herald.
Munger, a well-known cryptocurrency skeptic, has made some new comments on the crypto industry. He argued that the current crypto ecosystem may be even more crazy than the dotcom boom. He stated that the dot-com boom was more expensive in terms of valuations than what we have today.
Munger stated that he supports China’s latest attempts to ban cryptocurrency, as well as crackdown on “some exuberances” in capitalism.
“Believe it me, the people creating cryptocurrency aren’t thinking about the customer. They are thinking about themselves […] I want my money to be made by selling people good things, not bad things.
Many people within the crypto community have responded to Munger’s recent comments about Bitcoin. Some pointed out that Munger isn’t surprised by his inability to grasp new technology like Bitcoin at his age.
“I won’t buy cryptocurrency. Munger said that he wished they hadn’t been invented.
Imagine that he is 97 years of age. He was almost alive when Ford invented the Model T. It takes years to make a profit holding stocks. The poor man is shocked that we pump 1300% per week. Old man, different times.
— December 3, 2021, The Crypto Head (@TheCryptoHead).
Kain Warwick, Synthetix founder, also stressed that, despite Munger’s desire to make money selling good products, Berkshire Hathaway, the largest shareholder in Coca-Cola is still the largest shareholder. This is expected to be a “significant contributor” to many health conditions.
Charlie Munger: I want my customers to be happy and not get sick. Charlie Munger: Get more high fructose corn syrup for your kids! It’s just so dandy! https://t.co/xnefgTmLho
— kain.eth (@kaiynne) December 3, 2021
Jamil Hasan (program director for crypto and blockchain podcast series The Crypto Corner) stated that it was not necessary to worry about Charlie Munger’s decision not to invest in crypto. There are certain things Charlie buys that I don’t need.
Some players in the crypto industry also stressed that China tried to ban Bitcoin several times over the last eight years, but that it didn’t stop the cryptocurrency from rising over 5,000%.
Charlie Munger: I’m glad China banned #Bitcoin Bitcoin: Up 5585% since China’s first ban in 2013 pic.twitter.com/Pu6MdsBJxZ
— Blockworks (@Blockworks_ December 3, 2021
Related: Institutional managers bought a dip in crypto funds’ weekly inflows of $154M
Munger and other investment icons are still firmly against crypto. Skybridge Capital, however, is becoming more bullish about Bitcoin. Anthony Scaramucci’s platform to invest in hedge funds increased its exposure to crypto-related assets almost 150% in Q3.
Eileen Wilson –Technology and Energy
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