Warren Buffett’s investment conglomerate Berkshire Hathaway’s vice chairman, Charlie Munger, believes China made the right decision in banning bitcoin.
With his latest critique of cryptocurrency, the billionaire investor, who has never been a fan of bitcoin, has sparked a backlash on social media.
The Australian Financial Review reported Friday that Munger remarked in an interview with the Sohn Hearts & Minds Investment Conference, “The Chinese made the correct move, which is simply to ban them.”
In recent months, the Chinese government has taken far harder anti-crypto actions, including forbidding trading and prohibiting financial institutions from supplying any crypto-related services, as well as strengthening its grip on the mining industry.
Munger complimented China for restraining investment booms and not allowing them to go too far. “They’re behaving more maturely,” he explained. “They were correct to take such a firm stance against corruption.”
He went on to remark that he wishes crypto had never been established, claiming that people in the industry “do not think about the client; they think about themselves.”
On Twitter, a number of crypto bloggers mocked Munger’s views, both for his support of China and for his continued dislike of bitcoin and other cryptocurrencies.
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