Billionaire investor signals disdain for Bitcoin while admitting admiration for China’s ban
Speaking virtually at the Sohn Conference in Sydney on Friday, Charlie Munger when asked for his opinion on China and its ban he agreed with the policy of the nation, praising the Chinese government for its action.
Munger called Bitcoin disgusting only a few months ago
Speaking out against crypto earlier this year, Charlie Munger expressed his “disgust” towards Bitcoin and cryptocurrencies. Stating in early May that BTC and “the whole damn development is disgusting and contrary to the interests of civilization.”
Munger has a record of publicly decrying Bitcoin. In one instance, reported by CNBC in February during the annual shareholder meeting of the Daily Journal, describing it as a sort of “substitute for gold.”
In May at Berkshire’s annual shareholder meeting, Munger again took a swipe at Bitcoin stating his hate for the gains of the cryptocurrency, and then attempted to debase BTC saying:
“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth.”
China’s Crypto Cut Off
China’s stance on cryptocurrency has been harsh for a long while now. Slowly the Chinese government regulated crypto, sending waves throughout the market, until eventually removing the possibility of its utility in favor of the state-backed project for a digital form of the yuan.
The Chinese government’s outright ban of crypto is an act that Charlie Munger voiced his appreciation for at the Sohn Conference in Sydney on Friday. “I admire the Chinese, I think they made the correct decision, which was to simply ban them.”
Munger’s opinion on Bitcoin and Cryptocurrencies have remained static and rigid throughout the last year, he has publicly denounced crypto multiple times for its volatility and attempts to write it off as the handy tool of criminals.
He is yet to comment about the value of blockchain technology itself, yet he finds himself wishing it out of existence, seemingly before he has grasped its potential.
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