Charlie Munger shared his stance on the decision of Chinese authorities decided to ban cryptocurrency assets. Munger also voiced his opinion about Bitcoin as a sham over the last few years.
At present, there are many crypto billionaires, as well as non-crypto billionaires who have made massive profits with the help of a thorough analysis and the determination to put their money into the top investments( crypto or not). It has been observed numerous times that many non-crypto billionaires have criticized the crypto industry as an illusory way to make money in a short amount of time.
In the latest, Charlie Munger- a billionaire and investor, appeared at the live Sohn Conference in Sydney on Friday. He showed that he agrees with the policies of China to ban crypto.
“I admire the Chinese, I think they made the correct decision, which was to simply ban them.”
In the month of May, Charlie expressed his views on Bitcoin and the crypto market as shocking. He stated that Bitcoin as well as “the whole damn development is disgusting and contrary to the interests of civilization.”
The billionaire investor is well-known for sharing his opinions in public. For instance, at the Daily Journal shareholder meeting, He stated that Bitcoin is just a kind of gold substitute.
In May, when he spoke at Berkshire’s annual shareholder meetings, Charlie said that gain in the value of Bitcoin is a source of resentment from them. In this way, Charlie tried to hurt everyone Bitcoin fans and claimed:
“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth.”
In the last year, Charlie commented that Crypto assets are highly volatile and also are handy tools for criminals. However, he didn’t yet share his point of view on the crypto underlying technology, blockchain.
We are crypto and Bitcoin enthusiasts, we can affirm that investors who are not crypto-savvy need to know about blockchain technology, not crypto assets. Perhaps this will change the mindset of these extremely wealthy individuals.
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