Businessman Charlie Munger, who is the right-hand man of Warren Buffett, who is known for his criticism of Bitcoin, continued his criticism of Bitcoin.
Talking about Bitcoin and cryptocurrencies at the “Sohn Hearts and Minds conference”, Australia’s investor event, investor Charlie Munger reiterated his skepticism towards the crypto market.
In his speech, Munger said, “I think the Chinese made the right decision by banning cryptocurrencies,” saying that China’s bans on Bitcoin and cryptocurrencies were correct, and then criticized countries that did not follow China’s path.
Munger went further and said that he wished cryptocurrencies had never been created.
“Cryptocurrencies will never be part of my portfolio. I will never buy cryptocurrencies. I wish they had never been invented.”
After China’s bans and statements about Bitcoin, Charlie Munger was criticized by crypto lovers this time.
Imagine, he is 97 years old.
He was alive when ford invented the Model T (almost).
I guess holding stocks takes ages to make a profit. Leave the poor man alone, he is just shocked we are pumping 1300% weekly.
Different times old man.
— The Crypto Head 🍥 (@TheCryptoHead) December 3, 2021
The crypto community said it was no surprise that Munger and people his age were unable to understand new technologies like Bitcoin.
Jamil Hasan, program director of the crypto and blockchain podcast series The Crypto Corner, is also among those who reacted to Munger. Jamil Hasan stated that the industry should not be disturbed by Munger not investing in crypto. “It’s okay if Charlie Munger doesn’t buy crypto. I’m sure there are some things Charlie bought that I don’t need.” said.
News site Blockworks, on the other hand, noted that in response to Munger’s approval of China’s bans, Bitcoin has increased by 5585% since China’s first ban in 2013.
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
*Not investment advice.