Berkshire Hathaway’s Munger wishes cryptos hadn’t been invented

Charlie Munger considers this era to be crazier than the dotcom era

Charlie Munger, vice-chair of Berkshire Hathaway                                 
Charlie Munger, Warren Buffet’s right-hand man, agrees with China’s decision to ban cryptos – Photo:Alamy
                                

Charlie Munger, an American billionaire investor who is vice-chair of Berkshire Hathaway, Warren Buffett's investment company, says he wishes cryptos had never been invented.

Munger also said that he considers “this era an even crazier era than the dotcom era”, as in places the markets are widely overvalued.

Buffett, the well-known American business magnate, investor, and philanthropist, has described Munger as his right-hand man.

Munger made the comments at the Sohn Hearts & Minds Investment Conference, according to The Australian Financial Review.

China made the right call

Munger agrees with China’s decision to ban cryptos from the country. In September, the People’s Bank of China (PBoC) declared all cryptocurrency-related business as illegal financial activity.

China also banned crypto mining in 2021, with miners located in China moving to other countries such as the US and Russia.  

Munger said: “I wish they’d never been invented. And again, I admire the Chinese, I think they made the correct decision, which was to simply ban them. In my country, English-speaking civilisation has made the wrong decision, I just can’t stand participating in these insane booms, one way or another.”

The vice-chair of Berkshire Hathaway added that he wants “to make my money by selling people things that are good for them, not things that are bad for them”.

The American billionaire investor attacked those who get involved in cryptos saying they “are not thinking about the customer, they’re thinking about themselves”.

Australia the peacekeeper

Munger also believes that Australia can play an integral role in bridging differences between China and the US.

“I think Australia, with its deep involvement in China, can be in a constructive position; Australia can encourage the US and China to be more reasonable,” he said.

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