As 97-year-old investor Charlie Munger continues to scold cryptocurrencies like Bitcoin (BTC), the crypto community is quick to respond to his latest comments.
Warren Buffett’s Berkshire Hathaway VP spoke on cryptocurrencies at Australia’s investor event, the Sohn Hearts and Minds conference, on Friday, reiterating his extreme skepticism towards the industry, according to local news agency The Sydney Morning Herald. reported.
Munger, a known naysayer of cryptocurrencies, has provided some fresh commentary on the crypto industry, arguing that today’s crypto ecosystem is even crazier than the dot-com era in general. “I think the dot-com boom was crazier in terms of valuations than even what we have now,” he said.
Munger also emphasized that he supported China’s latest attempt to ban cryptocurrencies and the crackdown on “some of the exuberances” of capitalism, stating:
“Trust me, the people who are creating cryptocurrencies are not thinking of the customer, they are thinking of themselves. […] I want to make money selling people things that are good for them, not things that are bad for them. “
Several people in the crypto community have subsequently reacted to Munger’s latest comments on Bitcoin, with many pointing out that the inability to understand new technologies like Bitcoin at his age is not a surprise.
“I will never buy a cryptocurrency. I wish they had never been invented, ”added Munger.
Imagine, you are 97 years old.
He was alive when Ford invented the Model T (almost).
I guess owning stocks takes years to make a profit. Leave the poor man alone, he’s just surprised we’re pumping 1300% weekly.
Different old times.
– The Crypto Head (@TheCryptoHead) December 3, 2021
Synthetix founder Kain Warwick also emphasized that despite Munger’s willingness to make money selling good things, Berkshire Hathaway is the largest shareholder in Coca-Cola, which is assumption be a “significant contributor to many health conditions.”
Charlie Munger: I want to make money selling people things that are good for them, not things that are bad for them.
Also Charlie Munger – load up on that little extra high fructose corn syrup for kids! Isn’t it just great? https://t.co/xnefgTmLho– kain.eth ⚔️ (aikaiynne) December 3, 2021
Jamil Hasan, Program Director of the crypto and blockchain podcast series The Crypto Corner, indicated that the industry shouldn’t mind Munger not investing in crypto: “I’m fine if Charlie Munger doesn’t buy crypto. I’m sure there are some things Charlie buys that I don’t need. “
Some players in the crypto industry also emphasized that China tried to ban Bitcoin several times over the past eight years, but it did not stop the cryptocurrency from surging more than 5,000%.
Charlie Munger: I’m glad China banned #Bitcoin
Bitcoin: up 5585% since China’s first ban in 2013 pic.twitter.com/Pu6MdsBJxZ
– Blockworks (@Blockworks_) December 3, 2021
Related: Institutional Managers Bought The Drop As Crypto Funds See $ 154 Million In Weekly Entries
While some investment legends like Munger continue to take a tough stance on cryptocurrencies, other investment giants like Skybridge Capital are becoming increasingly bullish on Bitcoin. As such, Anthony Scaramucci’s platform for investing in hedge funds grew up its exposure to crypto-related assets by almost 150% in the third quarter.
cointelegraph.com
