Munger, billionaire Buffet’s right-hand man, spoke about crypto at the Sohn Hearts & Minds conference on Dec. 3, reports the The Sydney Morning Herald.
It’s not the first time 97-year-old Munger has sounded more than skeptical about crypto. Munger already called the success of bitcoin “disgusting” at the beginning of this year. This time, he says he thinks China made the right decision by banning crypto and quelling “some of the exuberance” of capitalism.
“I think the Chinese made the right decision to simply ban them. My country, the English-speaking civilization, has made the wrong decision.”
Regulators in the US confirmed they have no plans to ban crypto as well after China cracked down on the industry again. China was by far the largest bitcoin-mining country in the world, but since the summer most miners have left the country or have closed their doors.
“I wish they had never been invented”
Munger goes one step further in his criticism, accusing the people behind crypto of greed:
“Believe me, the people who create cryptocurrencies don’t think about the customer, they think about themselves. I want to make my money by selling people things that are good for them, not things that are bad for them.”
He is not taken very seriously, as he is a huge shareholder of brands like Coca-Cola and owner of banks that have been caught in money laundering. He also adds the following:
“I will never buy cryptocurrency. I wish they had never been invented.”
Finally, Munger makes the old comparison between crypto and the dot-com bubble of the late 1990s:
“I think the dot-com boom was crazier in valuation than what we have now. But overall, I think this era is even crazier than the dot-com era.”
— Blockworks (@Blockworks_) December 3, 2021