TL;DR Breakdown
- Charlie Munger backs China crypto ban.
- Investor says crypto ban is adult fashion.
- Munger says he hates Bitcoin, casts away BTC investors.
Charlie Munger, a prominent billionaire investor and the vice-chairman of Berkshire Hathaway, has backed China’s decision to ban cryptocurrencies totally.
While bashing cryptocurrencies, Munger, a known crypto critic, said the Chinese made the correct decision, which is to simply ban them. He said this at the Sohn Hearts & Minds Investment Conference in Sydney, Australia.
China’s intensified crypto crackdown and Charlie Munger’s justification
The Asian country, over the year, has intensified crackdown on the crypto industry. It led to the mass exodus of a series of crypto firms and Bitcoin miners in the country despite hosting around 50 percent of Bitcoin miners.
Crypto trading and other virtual currencies-related activities were outlawed in China as well, prompting a major shift in the global crypto landscape. ALready established crypto exchanges in China like Huobi, Okex among others, have pulled out of China and now looking at other neighboring countries to settle.
Some of China’s recent policies have hit more traditional companies like Alibaba and Tencent too, who saw their stock plunge over the course of the year.
Munger believes that China was acting in “an adult fashion despite investors’ concerns.”
Charlie Munger said he wants “to make [his] money by selling people things that are good for them, not things that are bad for them.”
Munger and his hate for BTC
Before now, Munger has said openly that he hates Bitcoin. The 97-year-old business mogul said he hates Bitcoin and that the “whole damn development is disgusting and contrary to the interests of civilization.”
He said investors going into crypto are not thinking about clients but only about themselves.
“Just look at them. I wouldn’t want any one of them to marry into my family,” added Munger.
