Investment legend Charlie Munger wishes cryptocurrency didn’t exist

Investment legend Charlie Munger said today (December 3rd) at the Sohn conference in Sydney that the market is overvalued in many places and that the current environment is “crazier” than it was in the dot-com era. The late 1990s that led to its demise.

“I see an even crazier era than the dot-com era.”

Charlie Munger – Vice Chairman of Berkshire Hathaway Inc.

Munger also wished there were no cryptocurrencies and praised China’s ban on their use.

“I wish they had never been invented. And again I have great admiration for the Chinese, I think they made the right decision to just ban them. In my country, English-speaking civilization made the wrong decision, I can’t stand to be part of these crazy outbursts in one way or another. ”

The S&P 500 index has more than doubled since the Covid-19 pandemic low last March, while Bitcoin is up more than 1,000%. According to data from Bank of America Corp. Investors invested nearly $ 900 billion in mutual funds in 2021 – more than the last 19 years combined. and EPFR-Global.

The valuation of the US stock market is now higher than it was before the health crisis slump and investors have become nervous. Rising inflation is forcing central banks to tighten monetary policy and threatens to dampen the liquidity wind that has driven up assets.

Relations between the United States and China

Munger also advocated China’s global relations, calling on Australia to act as a bridge between China and the United States.

“I think Australia has a deep relationship with China that could be in a constructive position, Australia as a bridge that encourages the US and China to have a better relationship.”

Munger is very optimistic about renewable energies.

“I like the fact that we are rapidly reducing the burning of coal, gasoline and diesel. I think it’s a smart thing the world does. ”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page