Charlie Munger, a famous investor, has discussed the latest cryptocurrency news at the recent Sohn Hearts & Minds 2021 conference. According to his statements, crypto isn’t seemed needed. He has also shown some support to China for banning cryptocurrencies.
Vice-Chairman of Berkshire Hathaway and long-term partner of Warren Buffet, Charlie Munger, has shared his thoughts on the global cryptocurrency boom and made a hardened stance against crypto clear.
The main subjects of Munger’s statement were the current stage of the financial industry, the leading markets, investing, and geopolitics. The cryptocurrency couldn’t have been passed because of the active development this year. Obviously, the whole industry wants to know what one of the most popular investors thinks about virtual currency.
The reasons for his radical opposite views are the crypto’s permissionless nature and volatility. Moreover, Munger has characterized virtual finances as disgusting and contrary to the interests of civilization. He’s also sure that cryptocurrency is dangerous because it’s useful for criminals and extortionists.
He has also declared that people, who are getting into cryptocurrencies, don’t think about the customers, and their main goal lies in their own prosperity only.
Charlie Munger’s fierce protest against crypto hasn’t become a surprise for the industry. It’s also important to mention that Munger’s portfolio consists of the banks and payment systems, which are the first competitors to the cryptocurrency.
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