Charlie Munger Believes China Made The Right Decision To Ban Crypto

Well-known investor Charlie Munger believes China made the right decision to ban crypto, taking another shot at cryptocurrencies and wishing that they never existed. In today’s crypto latest news, we are reading more of what he had to say.

Charlie Munger believes we would be better off crypto. He is a prominent billionaire investor and vice-chairman of Berkshire Hathaway that lashed out at cryptos once again while backing China’s decision to ban crypto activities in the country. Munger noted during the Sohn Hearts and Minds Investment Conference in Sydney:

“The Chinese made the correct decision, which is to just simply ban them.”

China launched a huge crackdown on crypto earlier this year and forced major BTC mining operations to leave the country. Crypto trading and other currencies and all kinds of crypto-related activities were outlawed in China as well and prompted a huge shift in the global landscape. Some of the policies hit traditional companies like Tencent and Alibaba who saw their stock plunge over the year. Despite the investors’ concerns, Munger thinks that China is acting in “adult fashion.” the billionaire noted that he wants to make his money by selling people things that are right and good for them, not the other way around.

Munger stated that he’d wish crypto had never been invented that the investment strategies reached levels of extremity and even compared them to the dot-com boom back in the 90s. Munger noted:

“I think the dot-com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era.”

This is not the first time he lashed out at crypto. The business mogul admitted that he hates Bitcoin and called it disgusting. Bitcoin has a market cap of over $1 trillion and is changing hands at around $57,000 marking a 197% increase over the past year. Munger doubled down on the approach and said that people who are getting into crypto are not really thinking about the customers:

“Just look at them. I wouldn’t want any one of them to marry into my family.”

While his take on crypto could resonate with some policymakers and finance players, Federal Reserve chair Jerome Powell revealed that he has no intention to follow China’s moves and ban crypto.