Berkshire executive Charlie Munger says China was ‘correct’ to ban crypto

The existent marketplace is “even crazier than the dotcom era” and China made the close telephone erstwhile it banned cryptocurrencies, according to Warren Buffett’s close manus antheral Charlie Munger. 

“The dotcom roar was crazier connected the valuations adjacent than we person present but overall, I see this epoch adjacent crazier than the dotcom era,” the 97-year-old Berkshire Hathaway vice president said Friday, according to the Australian Financial Review. 

The outspoken enforcement added that stock prices for “good companies” are presently truthful precocious that investors who bargain present are having a pugnacious clip ensuring precocious returns successful the future. 

Munger besides praised China’s ban connected cryptocurrencies arsenic the “correct decision,” saying helium wished the integer coins had ne'er been invented and accusing radical progressive successful the crypto manufacture of being greedy. 

“Believe me, the radical who are getting successful cryptocurrencies are not reasoning astir the customer, they’re reasoning astir themselves,” said Munger, who has an estimated nett worthy of $2.2 billion, according to Forbes. “Just look astatine them. I wouldn’t privation immoderate 1 of them to wed into my family.”

Munger — who made headlines this autumn for designing and backing a controversial and mostly windowless mega-dorm astatine the University of California, Santa Barbara — is known for his curmudgeonly cognition toward what helium sees arsenic excess and greed successful the market. 

In June, Munger slammed commission-free trading app Robinhood arsenic a “gambling parlor” that’s “beneath contempt.” 

“It’s a gambling parlor masquerading arsenic a respectable business,” the 97-year-old said astatine the time. “And it’s telling radical they aren’t paying commissions erstwhile the commissions are simply disguised successful the trading.”

Charlie Munger said the existent marketplace is “even crazier than the dotcom era” and China made the close telephone erstwhile it banned cryptocurrencies.Reuters

“It’s fundamentally a sleazy, disreputable operation. And the absorbing happening astir it is that immoderate bully radical you would beryllium gladsome to person wed into your household person backed it,” helium added.

In this Friday’s interview, Munger besides praised Amazon CEO Jeff Bezos but said Amazon faces a menace from Costco, 1 of Munger’s favourite companies. 

“Amazon whitethorn person much to fearfulness from Costco successful presumption of retailing than the reverse,” said Munger. “Costco volition yet beryllium a immense net player. People spot it and they ve tremendous purchasing power.”