Charlie Munger has once suggested that Bitcoin is a “rat poison” and therefore people should keep their distance from it. He is now applauding the action taken by China against cryptocurrencies at its domestic level in which China has now completely separated itself from privately issued cryptocurrencies as well as their mining.
It was expected that China will part its ways from the digital currency industry and it has been done eventually. Past week, China informed that China has locked the doors for crypto whether they are crypto coins or crypto mining.
The present slid in the global crypto market is because of China’s separation from cryptocurrencies. The global crypto community is however unpleased with what China had done. But there are some people, and amongst whom is Charlie Munger, who are appreciating China’s ban of cryptocurrencies.
Charlie Munger is an experienced trader and is currently working with Berkshire Hathaway as its Vice-Chairman. He is also a friend of US Senator, Warren Buffet and both share the same view with regard to cryptocurrencies. On an occasion, Munger had said that Bitcoin is no more than a “rat poison”. If anyone takes it, then the fate of the person is eventual death, said Munger.
At an investors’ event in Australia, Munger talked about digital currencies and how they are corrupting the investment climate. He commented that he had never seen times that were as crazier than now in his age of 97 years. People are interested in false realities and fake currencies and feel honored in trading them. He further commented that he cannot bear the sight of cryptocurrencies and therefore would never ever become part of it. He said that if he wants to make money then he would sell people “physical goods”.
Munger even criticized people who are behind the issuance of cryptocurrencies. He said that while issuing cryptocurrencies, the issuer’s interest is not in the customer. Instead, their focus is on how much money they will be making by selling cryptocurrencies. At that moment he wished that it would have been better if the digital currency hadn’t been created in the first place. He believes that the world was a better place when there was no such concept of “cryptocurrencies”.
He then proceeded to applaud China’s initiative to completely ban cryptocurrencies from its lands. He said that putting aside the differences, yet he is inclined to appreciate China for disowning cryptocurrencies. It is a good decision taken at the right time, said Munger.
As regards people in the US and UK, he commented that both are on the wrong path. Munger even accused that there is no credibility in the crypto market. He advised that people must part their ways from cryptocurrencies and make their living by selling goods instead.