Warren Buffett’s right-hand man praises China’s crypto ban

Warren Buffett’s right-hand man praises China’s crypto ban.

American billionaire and investor Charlie Munger, now vice chairman of Berkshire Hathaway, hailed the Chinese government’s decision to ban cryptocurrencies during his appearance on Son Hearts and Minds in December, The Sydney Morning Herald reported.

At the same time, Munger criticized the US and other English-speaking countries for failing to comply with China’s lawsuit:

I think the Chinese made the right decision to just ban them. My country – the English speaking civilization – made the wrong decision.

Securities and Exchange Commission chairman Gary Gensler and Federal Reserve chairman Jerome Powell recently confirmed that the United States has no plans to enforce China’s cryptocurrency ban lawsuit.

The 98-year-old investor wishes that cryptocurrencies were never created and insists that they will never be part of his portfolio:

I will never buy crypto. I wish they had never been invented.

Munger believes that cryptocurrency issuers are only motivated by their own selfish interests.

The well-known value investor says of the current market situation that it is even crazier than the dot-com mania of the late 90s:

I think the dotcom boom was crazier in terms of rating than what we have now. But overall, I think this era is even crazier than the dot-com era.

At the end of February, Munger compared Bitcoin and Tesla with “a louse and a flea”.

Warren Buffett, the CEO of Berkshire Hathaway, is also known as a devastating crypto critic who believes Bitcoin has no value. In February 2019 the “Orache of Omaha” stated that blockchain is important:

It’s awesome and blockchain is important, but Bitcoin doesn’t have a unique value, it doesn’t create anything. You could stare at it all day and no bitcoins or anything like that come to us. It’s basically an illusion.