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Munger’s comments on bitcoin at the Sydney conference

Billionaire investor Charlie Munger is not yet a fan of cryptocurrencies.

“I wish they had never been invented,” Berkshire Hathaway’s vice president said at the Sohn conference in Sydney on Friday, according to The Australian Financial Review.

“I admire the Chinese and I think they made the right decision, which was just to ban them,” he added.
Interest in digital assets has grown this year, surpassing the $ 3 trillion market value last November.

“Of course I don’t like the success of bitcoin,” he said. “I do not welcome a currency that is so useful to kidnappers and extortionists, nor do I like to transfer billions of dollars to someone who has just invented a new financial product out of nothing.

“I think I have to say that all the damn development is disgusting and contrary to the interests of civilization,” Munger added.
Of course, Bitcoin supporters would disagree. They believe that bitcoin is a tool that can be used to hedge against inflation, and they would argue that bitcoin is a stable equitable financial system.

But Munger has constantly criticized Bitcoin for its extreme instability.

“It really is a kind of artificial substitute for gold. And because I’ve never bought gold, I’ll never buy bitcoin, “Munger told the Daily Shareholders’ Annual Meeting in February.


 Dealer Anatoliy Pavlov

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