One of the world’s most famous investors, Charlie Munger, wished cryptocurrencies were not even invented
Berkshire Vice President Charlie Munger told a conference on Friday that the current market should be seen as extremely overvalued. Munger also said that the current financial and market environment, in general, is “crazier” than in the early 2000s, when the dot-com bubble burst and investors suffered significant losses.
Speaking at the Sohn conference in Sydney, Munger said that he considers the current financial era even crazier than the dot-com era, when regular companies were unnecessarily implementing web technologies to attract more investors that were looking to put their funds in a rapidly developing industry.
Then Munger moved on to the cryptocurrency industry and said he wished crypto in general didn’t exist and also praised the Chinese government for ‘banning’ the use of assets. digital, referring to a massive crackdown on China’s cryptocurrency industry in the middle of the year.
I wish they’d [cryptocurrencies] never been invented. And again I admire the Chinese, I think they made the correct decision, which was to simply ban them.
The Berkshire VC said the English-speaking civilization made the wrong choice in deciding to support further development of the technology and that as an investor it would not participate in the booming cryptocurrency market.
Bitcoin is heavily outperforming traditional financial indexes that are currently moving in a strong uptrend. After the pandemic, the S&P 500 index has shown more than 100% growth while Bitcoin is currently trading with 800% profit for the same period of time.
