As 97-year-old investor Charlie Munger continues to charge against cryptocurrencies like Bitcoin (BTC), crypto enthusiasts were quick to respond to his latest comments.
Warren Buffett’s Berkshire Hathaway VP addressed cryptocurrencies at Australia’s investor event, the Sohn Hearts and Minds conference, on Friday, reiterating his extreme skepticism of the sector, local news agency The Sydney Morning Herald reported. .
Munger, a well-known cryptocurrency denier, has made some new comments about the cryptocurrency industry, arguing that the current crypto ecosystem is even crazier than the dot-com era in general. “I think the dot-com boom was crazier in terms of valuations than even what we have now,” he said.
Munger also highlighted that he supported China’s latest attempt to ban cryptocurrencies and crack down on “some of the exuberances” of capitalism, stating:
“Trust me, the people who are creating cryptocurrencies are not thinking of the customer, they are thinking of themselves […] â € ‹â €‹ I want to make my money by selling people things that are good for them, not things that are bad for them. “
Several people in the crypto community have subsequently reacted to Munger’s latest comments on Bitcoin, with many pointing out that the inability to understand a new technology like Bitcoin at his age is not a surprise.
“I’m never going to buy a cryptocurrency. I wish they had never been invented,” Munger added.
Imagine, he is 97 years old.
He was alive when ford invented the Model T (almost).
I guess holding stocks takes ages to make a profit. Leave the poor man alone, he is just shocked we are pumping 1300% weekly.
Different times old man.
– The Crypto Head (@TheCryptoHead) December 3, 2021
Imagine, he is 97 years old.
He was alive when Ford invented the Model T (almost).
I guess stocks take years to pay off. Leave the poor man alone, he’s just surprised we’re going up 1,300% a week.
Different times, man.
Synthetix founder Kain Warwick also stressed that despite Munger’s willingness to make money selling good things, Berkshire Hathaway is the largest shareholder in Coca-Cola, which is supposedly a “significant contributor to many health conditions.” .
Charlie munger: I want to make my money by selling people things that are good for them, not things that are bad for them.
Also Charlie Munger: load up on some more of that high fructose corn syrup kiddies! Isn’t it just dandy! https://t.co/xnefgTmLho– kain.eth âš ”ï¸ ?? (@kaiynne) December 3, 2021
Jamil Hasan, Program Director for the cryptocurrency and blockchain podcast The Crypto Corner, he pointed that the industry shouldn’t bother Munger not investing in crypto: “I’m fine if Charlie Munger doesn’t buy crypto. I’m sure there are some things Charlie buys that I don’t need.”
Some players in the cryptocurrency industry also highlighted that China tried to ban Bitcoin on multiple occasions over the past eight years, but that did not stop the cryptocurrency from rising more than 5,000%.
Charlie Munger: I’m glad China banned #Bitcoin
Bitcoin: Up 5585% since China’s first ban in 2013 pic.twitter.com/Pu6MdsBJxZ
– Blockworks (@Blockworks_) December 3, 2021
While some investment legends, such as Munger, remain skeptical towards cryptocurrencies, other investment giants, such as Skybridge Capital, are increasingly bullish on Bitcoin. Thus, Anthony Scaramucci’s platform to invest in hedge funds increased its exposure to cryptocurrency-related assets by almost 150% in the third quarter of this year.