Speaking at the recent Sohn Hearts and Minds conference, Charlie Munger maintained his stance of rejecting the performance of digital assets. This denoted their dissatisfaction with the largely volatile and poorly regulated scenario in which Bitcoin and other cryptocurrencies navigate.
Another attack on the world of cryptocurrencies
In recent days, the vice president of Warren Buffett’s Berkshire Hathaway company has expressed an opinion that expands on his previous positions. The billionaire has emphasized once again that Bitcoin and its peers represent an area that he does not want to participate in.
Looking at the state of the cryptocurrency environment, Charlie Munger has made it clear that he is suspicious of the growth of digital assets. This, highlighting the “madness” in which cryptocurrencies are involved. On this occasion, he spoke of his wish that these types of assets “have never been invented”.
Within the conference, he also showed his stance of rejection towards those who buy in the world of cryptocurrencies by inflating prices. By countering these behaviors, he reaffirmed his position not to acquire them. “I will never buy cryptocurrencies,” he said.
Like this investor in securities, Buffett confirmed his opinion contrary to the developments that the world of cryptocurrencies has seen in recent years.
Approval of restrictions
While some countries maintain their support for the development and evolution of cryptocurrencies, Charlie Munger has supported the nations that restrict them. In this regard, he expressed some satisfaction with the measures taken by China to ban cryptocurrency markets.
He stressed that the United States is “weak” compared to the Asian country by not following its restrictive proposal to curb the boom in digital assets. To this vision, he added the fact that the volatility of the new market has carte blanche, with practically no government regulation.
“As long as my country does not do this, we will be inferior to China,” said the billionaire investor.
He exclaimed that cryptocurrencies originate from an “exuberance of capitalism”, reaching the point of being “harmful” for those who invest in them.
In this way, he highlighted his initiative not to use his money to buy crypto assets, mentioning that he only invests in “good things for people”. Munger does not believe that the world of cryptocurrencies is good, on the contrary, its structure is managed by people who “think of themselves”.
“I can’t bear to be a part of these crazy booms one way or another. It seems to work; everyone wants to pile up and I have a different attitude, “he commented on the subject.
While his opinion remains radically opposed to the expansion of the cryptocurrency market, the upward trajectory does not seem to stop. Bitcoin, along with other cryptocurrencies, features some fixes to break down new barriers later on.
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