Billionaire investor Charlie Munger is still not a fan of cryptocurrencies.
“I wish they had never been invented,” Munger said at the Sohn conference in Sydney on Friday, according to The Australian Financial Review.
“I admire the Chinese, I think they made the right decision, which was just to forbid them,” Munger added.
This year, interest in digital assets grew, with the cryptocurrency market exceeding a value of $3 trillion in November.
This is not a new attitude for the 97-year-old Vice-President of Berkshire Hathaway. In May, during a Q&A meeting at Berkshire’s annual shareholders‘, Munger said his dislike of bitcoin grew amid the Covid-19 pandemic.
“Of course I hate bitcoin’s success,” he said. “I don’t welcome a currency that is so useful for kidnappers and blackmailers and so on, nor do I like to just slowly move from the billions of dollar surplus to someone who invented a new financial product out of nothing.”
“I think, to be honest, that all the cursed development is disgusting and contrary to the interests of civilization,” Munger added.
Bitcoin supporters would disagree with Munger. They believe that bitcoin is a valuable reserve that can be used to offset inflation. They would argue that bitcoin is a healthy peer-to-peer financial system.
But Munger constantly criticizes bitcoin for its extraordinary volatility.
“It’s actually an artificial substitute for gold. And since I never buy gold, I never buy bitcoin,” Manger had said at the Daily Journal’s annual general meeting of shareholders in February.
As a reminder, Soros Fund recently stated that they are restructuring their portfolio with a focus in cryptocurrencies.
What do you think of Munger’s stance on Bitcoin and the cryptocurrency industry? Does all that hate come from the fact that he didn’t invest early and he lost all that money? Their competitors have already jumped on the train and they (Berkshire Hathaway) got left behind?