Traditional investors and big names like Charlie Munger are not showing support for the crypto market, despite proving to be the best performing space for long.
Furthermore, Munger describes this rally in the crypto market as crazier than the dotcom era. More so, while talking with Australian investors at the Sohn Hearts and Minds conference on Friday, December 3, Charlie Munger Describes this space as “a little more extreme”. Also, Munger goes on to support the China crypto crackdown.
So, Charlie Munger explains.
“I think the dot com boom was crazier in terms of valuations than even what we have now…”
“But overall, I consider this era even crazier than the dot-com era…”
“I just can’t stand participating in these insane booms, one way or the other….”
“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.”
Then, Charlie Munger adds.
“Believe me, the people who are creating cryptocurrencies are not thinking…”
“about the customer, they are thinking about themselves,”
More so, Charlie Munger Adds that he would never participate in this “insane” crypto boom.
“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…”
“My country – English-speaking civilisation – has made the wrong decision”.
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