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Key Takeaways
Legendary investor Charlie Munger mentioned cryptocurrencies on the Sohn Hearts & Minds 2021 Convention.
He reiterated his hardened stance in opposition to crypto belongings, saying he needs “they’d by no means been invented.”
He additionally praised China for banning cryptocurrencies and mentioned he wouldn’t need individuals who use crypto to marry into his household.
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Charlie Munger, Vice Chairman of Berkshire Hathaway and long-term associate of Warren Buffet, has reiterated his hardened stance in opposition to cryptocurrencies.Charlie Munger Needs Cryptocurrencies Didn’t Exist Charlie Munger has mentioned he needs cryptocurrencies didn’t exist and praised China for banning them.Talking on the Sohn Hearts & Minds 2021 Funding Leaders Convention Friday, the Berkshire Hathaway Vice Chairman shared his ideas on the present state of the markets, investing, geopolitics, and cryptocurrencies.
On markets, Munger mentioned that the present surroundings was “extra excessive” than something he’d ever seen. “The Dot Com growth was crazier on the valuations even than now we have now however general, I contemplate this period even crazier than the Dot Com period,” the Australian Monetary Overview reported.Reiterating earlier adverse views he’s shared on cryptocurrencies, Munger additionally mentioned he wished cryptocurrencies had “by no means been invented,” including that he admired China for making “the proper resolution, which was to easily ban them.” The 97-year-old investor has lengthy criticized cryptocurrencies for his or her permissionless nature and volatility. Talking on the annual Berkshire Hathaway shareholder assembly in Could this yr, he mentioned the asset class was “disgusting and opposite to the pursuits of civilization.” He then added: “I don’t welcome a forex that’s so helpful to kidnappers and extortionists and so forth, nor do I like simply shuffling out of your further billions of billions of {dollars} to someone who simply invented a brand new monetary product out of skinny air.”Throughout immediately’s convention, Munger doubled down on his contempt for the asset class and the trade, saying he prefers to earn cash by “promoting folks issues which are good for them, not issues which are unhealthy for them,” which he supposedly thinks is opposite to the views of cryptocurrency traders. Including so far, he mentioned:“Consider me, the people who find themselves getting in cryptocurrencies are usually not occupied with the client, they’re occupied with themselves. Simply have a look at them. I wouldn’t need any one among them to marry into my household.”Buffet’s and Munger’s disdain for cryptocurrencies don’t come as a shock to many. A major share of Berkshire Hathaway’s holdings and Munger’s portfolio are large banks and fee suppliers like Financial institution of America, Wells Fargo, American Specific, Visa, and Mastercard—companies that crypto threatens to disrupt essentially the most.
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