Billionaire investor Charlie Munger is in the camp of Bitcoin critics. During the Sohn Conference in Sydney, the businessman said he wished crypto hadn’t been invented.
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As the Australian Financial Review reports, Munger finds China is right to ban cryptocurrencies, and he admires the move. Despite the crypto industry growth, the vice-chair of the multinational conglomerate holding Berkshire Hathaway keeps disliking BTC. Previously, he said that for him the BTC success is disgusting, adding that crypto is against civilization.
In February, speaking at at the Daily Journal Annual Meeting, Munger said he viewed BTC as an artificial substitute for gold. He explained that he neither buys gold nor crypto. Based on earlier interviews, the investor prefers product businesses.
Many Bitcoin critics share Munger's opinion saying crypto is too volatile. On the other hand, supporters of BTC argue that the coin is a store of value and helps to fight inflation. Also, it’s decentralized, and allows everyone to have access to financial operations. Trader and investor Scott Melker, also known as The Wolf of All Streets, commented on Munger's words, writing on Twitter “Inventor of horse and carriage wishes cars were never invented."
At the moment Bitcoin trades at around $48.300. Although the coin saw a decline today, it increased greatly in 2021.