American billionaire investor, businessman, and former real estate attorney Charlie Munger dismissed the growth of cryptocurrencies, saying that he would never invest in them. He further says that the current climate international market is crazier than the dot-com bubble era two decades back.
Speaking during the Sohn Hearts & Minds conference, the 97-year old highlighted the investment problems in a world of high valuations. Munger is currently the vice-chairman of Berkshire Hathaway.
He finds the current investment situations a “little more extreme” than what he saw in his decades of experience in the field.
During the wide-ranging talk with Hedge fund Caledonia’s Dr. Mark Nelson, Munger said that the high stock prices are becoming a problem for investors to outperform the markets. He seemed highly dismissive of cryptocurrencies as he said that China took the right decision to ban them.
“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country has made the wrong decision.”said Charlie Munger
Munger praises China for the crackdown on cryptocurrencies
Munger went on to say that he wants to make money by providing people with things that add utility to their life, not things that are bad to them. He said that the developers who are building cryptocurrencies are thinking about themselves, not about their customers.
Mr. Munger also stated that he is still a supporter of China, though he added that practically every capitalist is less enthused about the country than they were a year ago. Munger, on the other hand, was pleased with China’s crackdown decision and strict action on “exuberant capitalism.”
He kept on praising the crypto opponent country and said, “they are acting in a more adult fashion than we are.”
He also talked about the relationship between the United States and China, saying that it would be insane for both countries to not reach an “acceptable relationship.”