Charlie Munger says he admires China for banning crypto

Charlie Munger, vice chairman of Berkshire Hathaway, said China made the right decision in banning cryptocurrencies.

Munger is well known for his contempt for cryptocurrency, once saying he wished it had never been invented.

Speaking at the Sohn Hearts and Minds 2021 Conference on Friday, the 97-year-old gave his thoughts on the impact cryptocurrency has had on the economic market.

“The dot com boom was crazier on the valuations even than we have now but overall, I consider this era even crazier than the dot com era,” he said.

Earlier this year, while speaking at the annual Berkshire Hathaway shareholder meeting in May, Munger said he couldn’t support a currency that could be used in criminal situations.

“I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” he expressed.

At the Sohn Hearts and Minds 2021 Conference, Munger quite boldly confessed that he wouldn’t want somebody involved in cryptocurrencies to marry into his family.

“Believe me, the people who are getting in cryptocurrencies are not thinking about the customer, they’re thinking about themselves. Just look at them. I wouldn’t want any one of them to marry into my family,” he admitted.

Berkshire Hathaway’s holdings and Munger’s portfolio include banks like Mastercard and American Express who are at the forefront of financial institutions that crypto is pressuring.

However, banks like Mastercard are beginning to offer cryptocurrency through a partnership with Bakkt, a digital asset manager.