Cryptoers respond to Munger after vile crypto criticism

TL;DR Breakdown

• Cryptoers fire back at Munger for criticizing crypto.
• Many say old age is reason Munger can’t understand crypto.

Scores of crypto enthusiasts have reacted to vile criticism of the digital asset by 97-year-old investment veteran Charlie Munger.

The Berkshire Hathaway vice-chairman on Thursday at the Sohn Hearts & Minds Investment Conference in Sydney, Australia, bashed cryptocurrencies and backed China for banning it.

He said the Chinese made the correct decision, which is to simply ban them

The nonagenarian argued that the current crypto ecosystem is even crazier than the dot-com era overall. “I think the dot com boom was crazier in terms of valuations than even what we have now,” he noted.

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves […] I want to make my money by selling people things that are good for them, not things that are bad for them,” He said.

Crypto community revolts, fires back at Munger

Several people pointed to the 97-year-old that the inability to understand new tech like Bitcoin at his age is not a surprise.

Synthetix founder Kain Warwick also emphasized that despite Munger’s willingness to make money by selling good things, Berkshire Hathaway is the largest shareholder of Coca-Cola, which is supposed to be a “significant contributor to many health conditions.”

Jamil Hasan, program director of crypto and blockchain podcast series The Crypto Corner, noted that the industry should not be bothered by Munger not investing in crypto: “I’m ok if Charlie Munger doesn’t buy crypto. I’m certain there are some things that Charlie buys that I don’t need.”

Some crypto industry players also emphasized that China attempted to ban Bitcoin multiple times over the past eight years, but it did not prevent the cryptocurrency from surging over 5,000%.

See other reactions on Twitter.