As 97-year-old financial veteran Charlie Munger persists to chastise cryptocurrencies such as Bitcoin (BTC). The crypto community is good at responding. The Berkshire Hathaway vice-chairman pales in comparison cryptocurrency to the Internet bubble and accuses crypto initiatives of being egoistic.
“In terms of valuations, I think the dot-com boom was crazier than even what we have now,” Said Munger, a well-known cryptocurrency sceptic, has made some new comments about the cryptocurrency space, claiming that the current crypto environment is even loonier than that of the internet bubble era ultimately.
The vice-chairman of Warren Buffett’s Berkshire Hathaway spoke out about cryptocurrency at Australia’s Sohn Hearts and Minds convention on Friday, affirming his severe scepticism toward the sector, according to local news agency The Sydney Morning Herald.
Charlie Munger supported China effort for the crypto ban
Munger stated that he favoured China’s recent effort to ban bitcoin and clamp down on “some of capitalism’s exuberances,” saying, “Believe me, the guys who are inventing cryptocurrencies are not looking about the client, they are thinking about themselves.” I want to generate profit by offering them healthy products, not unhealthy ones.”
Following Munger’s newest statements on Bitcoin, a majority of individuals in the crypto world have responded. With many noting out that his inability to understand new technology like Bitcoin at his age is not surprising.
“I will never buy a cryptocurrency.” “I wish they hadn’t been invented,” Munger continued.
Despite Munger’s eagerness to make money by selling nice products, Berkshire Hathaway is the largest stakeholder in Coca-Cola. Which is said to be a “major contributor to numerous health issues”, according to Synthetix creator Kain Warwick.
Munger not investing in crypto should not affect the sector, according to Jamil Hasan, programme director of the crypto and blockchain radio series The Crypto Corner:
“It’s fine with me if Charlie Munger doesn’t buy cryptocurrency. I’m sure there are certain items Charlie purchases that I don’t require.”
Many crypto market analysts also pointed out that China has tried to prohibit Bitcoin several times in the last eight years. But this hasn’t stopped the cryptocurrency from surging by more than 5,000%.
Apart from Munger, several financial giants are becoming optimistic about the market
While a few financial giants, like Munger, remain sceptical of cryptocurrency, others, such as Skybridge Capital, are becoming increasingly positive. As a result, Anthony Scaramucci’s hedge fund platform increased its exposure to crypto-related assets by approximately 150% in Q3.