logo

Cryptoers respond to Munger after vile crypto criticism

Munger

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.

https://twitter.com/TheCryptoHead/status/1466645482210570240?ref_src=twsrc%5Etfw

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related News

Hot Stories

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
Litecoin price analysis: LTC finds support at $57, but can the bulls fight back?
What happens to $ETH after the merge on 19 September?
Polkadot price analysis: DOT to retest support at $8.61, as bears extend the downtrend

Follow Us

Industry News

Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?
Cleanspark acquires BTC mining facility with 86 MW capacity
BitMEX executive pleads guilty in court