Charlie Munger, a 97-year-old investment expert, compares crypto to the dot-com bubble and supports China’s crypto ban.
On Friday, Berkshire Hathaway’s vice president spoke about crypto at the Sohn Hearts & Minds Australian investor event hosted by local news outlets. The Sydney Morning Herald report
Munger is whereknowin the crypto industry has made some new observations about the crypto industry, claiming that today’s crypto ecosystem is crazier than the dot-com era. “I think the dot-com boom was really crazy in terms of valuations,” he said.
Munger also stressed that he supports China’s latest efforts to ban cryptocurrencies and crackdown. The “abundance” of capitalism states that:
“Believe me, the people who create cryptocurrencies Don’t think about the customer They are thinking about themselves. [… ] I want to make money by selling people what is good for them, not what is bad for them.”
Many in the crypto community have responded to Munger’s recent comments on Bitcoin, pointing out that it was not uncommon for him to be incapable of understanding new technologies like Bitcoin at his age.
Kain Warwick The Synthetix founder also emphasized that while Munger was willing to make money by selling good stuff, Berkshire Hathaway is Coca-Cola’s largest shareholder.
Charlie munger: I want to make my money by selling people things that are good for them, not things that are bad for them.
Also Charlie Munger: load up on some more of that high fructose corn syrup kiddies! Isn’t it just dandy! https://t.co/xnefgTmLho— kain.eth
(@kaiynne) December 3, 2021
Some people in the crypto industry have highlighted that China has tried to ban Bitcoin several times over the past eight years. but it does not protect cryptocurrency from an increase of more than 500%
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