Charlie Munger, a 97-year old investment veteran, continues to scold cryptocurrencies like Bitcoin (BTC) and the crypto community quickly responded.
The vice-chairman Warren Buffett’s Berkshire Hathaway spoke about crypto Friday at Australia’s investor event Sohn Hearts & Minds Conference. He reiterated his extreme skepticism towards the industry, according to local news agency The Sydney Morning Herald.
Munger, a well-known cryptocurrency skeptic, has made some new comments on the crypto industry. He argued that the current crypto ecosystem may be even more crazy than the dotcom boom. He stated that the dot-com boom was more expensive in terms of valuations than what we have today.
Munger stated that he supports China’s latest attempts to ban cryptocurrency, as well as crackdown on “some exuberances” in capitalism.
“Believe it me, the people creating cryptocurrency aren’t thinking about the customer, but they are thinking about themselves […] I want my money to be made by selling people good things, not bad things, and that is how I make my money.”
Many people within the crypto community have responded to Munger’s recent comments about Bitcoin. Many people pointed out that Munger’s inability to grasp new technology like Bitcoin is not surprising.
“I won’t buy cryptocurrency. Munger said that he wished they hadn’t been invented.
Imagine that he is 97 years of age. He was almost alive when Ford invented the Model T. It takes years to make a profit holding stocks. The poor man is shocked that we pump 1300% per week. Old man, different times.
December 3, 2021 — The Crypto Head (@TheCryptoHead).
Kain Warwick, Synthetix founder, also stressed that, despite Munger’s desire to make money selling good products, Berkshire Hathaway, the largest shareholder in Coca-Cola is still the largest shareholder. This is supposed to be a “significant contributor” to many health conditions.
Charlie Munger: I want my customers to be happy and not be deprived of good things. Charlie Munger: Get more high fructose corn syrup for your kids! It’s just so dandy! https://t.co/xnefgTmLho
— kain.eth (@kaiynne) December 3, 2021
Jamil Hasan (program director for crypto and blockchain podcast series The Crypto Corner) stated that it was not necessary to worry about Charlie Munger’s decision not to invest in crypto. There are certain things Charlie buys that I don’t need.
A few crypto industry professionals also stressed that China tried to ban Bitcoin several times in the last eight years but it didn’t stop the cryptocurrency’s growth of over 5,000%.
Charlie Munger: I’m glad China banned #Bitcoin Bitcoin: Up 5585% since China’s first ban in 2013 pic.twitter.com/Pu6MdsBJxZ
December 3, 2021 — Blockworks (@Blockworks_).
Related: Institutional managers bought a dip in crypto funds’ weekly inflows of $154M
Munger and other investment icons are still firmly against crypto. However, SkyBridge Capital and other giants of the investment world like it, is becoming more bullish about Bitcoin. Anthony Scaramucci’s platform to invest in hedge funds increased its exposure to crypto-related assets almost 150% in Q3.