KEY POINTS

  • Charlie Munger wishes that cryptocurrencies were never invented
  • He praised China's decision to ban cryptocurrencies
  • Murger believes that the U.S. has made wrong decision on cryptos 

Billionaire investor Charlie Munger lashed out at cryptocurrencies and their creators, saying he wished “they’d never been invented.” 

Speaking at the Sohn Hearts and Minds investors conference in Australia on Friday, the 97-year old vice chairman of Warren Buffett’s Berkshire Hathaway said, "I’m never going to buy a cryptocurrency. I wish they’d never been invented,”

“I think the Chinese made the correct decision, which is to simply ban them," he said. "My country has made the wrong decision.”

Munger's partner and legenary investor Buffett is famous for shunning internet stocks during the dot-com boom, a decision that turned out be a wise one after the boom turned to bust. Munger said the current environment surrounding cryptocurrencies is “a little more extreme” than at that time.

He said “the dot-com boom was crazier in terms of valuations than even what we have now” but that he considers “this era even crazier than the dot-com era.”

Munger said he appreciated China’s decision to crack down on cryptocurrencies and their mining in the country, and wished that the U.S. government was harsher on these blockchain-based assets.  

“I think they were right to cut back on some of the exuberance that comes with capitalism,” Munger said. “They are acting in a more adult fashion than we are.”

Going a step further, Munger claimed that the creators of cryptocurrencies were not interested in the customer but were rather thinking about themselves.

Murger also called for two superpowers, which have seen tension rising between them over various issues, to reach an “acceptable relationship” 

The comments from the investment legend, predictably, disappointed the crypto community. Solar Eco Fund, a leading venture capital firm in the Solana ecosystem, expressed its disappointment in a tweet.

“So disappointing, coming from a hero of so many investors,” the tweet said.

Charlie Munger, 96, has been Warren Buffett's longtime partner Charlie Munger, 96, has been Warren Buffett's longtime partner Photo: AFP / Johannes EISELE