Charlie Munger, an investment veteran of up to 97 years, consistently scolds cryptocurrencies such as BTC (Bitcoin). However, this time the community of cryptocurrency appeared to be quick in responding to the latest comment thereof. Berkshire Hathaway’s vice-chairman voiced about cryptocurrency at the investor event of Australia named the Sohn Hearts and Minds conference (conducted on Friday).
He expressed his absolute skepticism regarding the respective industry, as per a native news organization called The Sydney Morning Herald. A famous critic of cryptocurrency, Munger, has spoken some latest comments for the crypto industry by stating that the present ecosystem of cryptocurrency is stupider than the era of dot-com in general.
He is of the view that that the valuations of dot-com expansion were stupider than those at present. Munger additionally emphasized that he was in favor of China’s new move to prohibit crypto and exercise a crackdown over a few of the capitalistic exuberances. Moreover, he assured that the crypto developers are not currently thinking about the benefit of consumers. They are only concerned about themselves; however, he is selling those things to the people that are advantageous for them instead of the others that harm them.
Several people within the community of cryptocurrency have responded to the fresh remarks of Munger regarding Bitcoin (BTC), and many figured out those notions to be counted as an incapability to comprehend the latest technology such as BTC, and that is obvious to be heard by such an aged man. He moved on to even say that he would never purchase a cryptocurrency and would rather wish that it had never been invented.
Kain Warwick, the founder of Synthetix, also stressed that notwithstanding the willingness of Munger to sell good things for earning money, Berkshire Hathaway is considered to be the biggest shareholder of a company known as a prominent contributor to several health conditions, known as Coca-Cola.
A blockchain and crypto podcast series called The Crypto Corner’s program director Jamil Hassan revealed that the industry of asset class should not get worried about Munger, who is not making crypto investment and it does not matter if he will not purchase crypto as there is no need for that just like a few other things that are bought by him and do not matter either.
Though a few investment legends such as Munger are consistently keeping a hard viewpoint regarding crypto, some other big investment organizations such as Skybridge Capital are becoming more bullish on BTC.