Crypto community reacts to Charlie Munger yelling at Bitcoin again

Crypto community reacts to Charlie Munger yelling at Bitcoin again

“I think the dot com boom was crazier in terms of valuations than even what we have now,” he noted.

As 97-year-old investment veteran Charlie Munger keeps reproving cryptocurrencies like Bitcoin (BTC), the crypto local area rushes to react to his most recent comments. The vice-chairman of Warren Buffetts Berkshire Hathaway discussed crypto at Australia’s investor occasion, the Sohn Hearts and Minds conference, on Friday, repeating his extreme skepticism to the business, neighborhood news office The Sydney Morning Herald revealed. A known cryptocurrency naysayer, Munger has given some new comments on the crypto business, contending that the current crypto ecosystem is significantly more crazier than the dot-com era overall.

Munger also stressed that he supported China’s latest attempt to ban cryptocurrency and crackdown on “some of the exuberances” of capitalism, stating:

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves […] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

A number of people in the crypto community have subsequently reacted to Munger’s latest comments on Bitcoin, with many pointing out that incapability to understand new tech like Bitcoin at his age is not a surprise.

“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” Munger added.

Synthetix founder Kain Warwick also emphasized that despite Munger’s willingness to make money by selling good things, Berkshire Hathaway is the largest shareholder of Coca-Cola, which is supposed to be a “significant contributor to many health conditions.”

Jamil Hasan, program director of crypto and blockchain podcast series The Crypto Corner, noted that the industry should not be bothered by Munger not investing in crypto: “I’m ok if Charlie Munger doesn’t buy crypto. I’m certain there are some things that Charlie buys that I don’t need.”

Some crypto industry players also emphasized that China attempted to ban Bitcoin multiple times over the past eight years but it did not prevent the cryptocurrency to surge over 5,000%.

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