Berkshire VC Praises China For Banning Crypto

The 97-year-old vice chairman of Berkshire Hathway Inc (BRK-B,BRK-A) Charlie Munger said on Friday that he wishes that cryptocurrencies had never been invented. The billionaire investor expressed his disgust and distrust at the new-age currency during an interview in Sydney.

Munger said that he admires the Chinese for banning the currency in their country. “I wish they’d never been invented. I admire the Chinese, I think they made the correct decision, which was to simply ban them.”

The digital currency has sprung to life in 2021 and the entire crypto industry even topped the market value of $3 trillion in November but this has only increased the displeasure of the veteran investor, who, much like the CEO of the company, Warren Buffet, has been a critic of the crypto for a long time. “Of course I hate the bitcoin success,” he said in May during Berkshire Hathway’s annual shareholder meeting. “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”

Munger went on to add that the crypto companies “are not thinking about the customer; they’re thinking about themselves.” “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” Munger added.

His stance has earned him a lot of criticism online as thousands of users have called him out for being unappreciative of technology.

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