Charlie Munger Doubles Down on Crypto Disdain by Wishing It Had ‘Never Been Invented’

Buffett Media, Omaha, USA - 07 May 2018
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Berkshire Hathaway vice chairman, billionaire investor and Warren Buffett’s right hand man Charlie Munger has reiterated his strong dislike of cryptos, saying he wished “they’d never been invented.”

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Speaking at the Sohn Hearts and Minds conference in Sydney on Dec. 3, Munger said that he will never buy cryptos, and praised China for banning them, according to the Sydney Morning Herald. “I think the Chinese made the correct decision, which is to simply ban them,” he stated. “My country — English-speaking civilization — has made the wrong decision.”

“I just can’t stand participating in these insane booms, one way or the other,” Munger continued. “It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them. Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves.”

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The crypto community was quick to react on Twitter.

“Charlie Munger: I’m glad China banned Bitcoin. Bitcoin: Up 5585% since China’s first ban in 2013,” Blockworks tweeted.

In May, at Berkshire Hathaway’s annual shareholder, Munger said he “hates the Bitcoin success.”

“I think I should say, modestly, that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll let leave the criticism to others,” he added.

Berkshire Hathaway also took aim at Robinhood during May’s shareholder meeting, saying at the time that trading apps such as Robinhood have contributed to the “casino aspect” of the stock market as of late.

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“It’s become a very significant part of the casino aspect, the casino group, that has joined into the stock market in the last year, year and a half,” Buffett said. “There’s nothing, you know, there’s nothing illegal about it, there’s nothing immoral. But I don’t think you’d build a society around people doing it.”

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Robinhood was swift to respond, saying in an emailed statement in May that “there is an old guard that doesn’t want average Americans to have a seat at the Wall Street table so they will resort to insults.”

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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