/Berkshire Hathaway: “I wish cryptocurrencies hadn't been invented”
Berkshire Hathaway: “I wish cryptocurrencies hadn't been invented”

Berkshire Hathaway: “I wish cryptocurrencies hadn't been invented”

Charlie Munger, executive vice president of Berkshire Hathaway, has praised China this week for the prohibition of transactions in crypto assets.

In the same vein, Warren Buffet, president of the entity, said earlier , who had indicated the same when he disqualified cryptocurrencies on several occasions, ensuring that they were most likely used for criminal purposes.

Munger, the second most important man in the American financial society, said that he would like crypto “never to have been invented” and praised the Xi Jinping government for tightening the bans.

The statements were made by Munger to The Australian Financial Review newspaper.

At a summit organized by the Sohn Conference Foundation, in Sydney, Munger indicated his desire for the non-existence of cryptocurrencies.

Also detailing his admiration for the Asian giant, he said that believe they have taken the correct policy, which was simple

Warren Buffett Berkshire Hathaway

Volatility, the problem of cryptocurrencies for Berkshire Hathaway

The criticisms of the strongmen of Berkshire Hathaway against bitcoin are based on its volatility. Earlier last year, Munger said it would be like an artificial replacement for gold. “And since he never bought gold, I will never buy bitcoins,” he said.

Munger said that bitcoin reminds him of what writer Oscar Wilde said about fox hunting. He put it this way: “the unspeakable in pursuit of the inedible.”

A few days ago, the founder and manager of the Binance platform, Changpeng Zhao, said that nothing will happen if large investors Billionaires, like Buffett, decide not to invest in digital currencies, because “this business is not for everyone.”

What’s more, he indicated that he thinks the Berkshire Hathaway executive is right not to participate where you do not know.

Do not convince the skeptics

Zhao, during the last Yahoo Finance Live, had praised the Buffett investing skills after reading a book about the Oracle of Omaha, but cautioned that he does not want to convince him to invest in crypto.

He believes that it is not necessary for all investors to enter in the world of digital currencies.

He added that Buffett has hundreds of ideas about investing that are timeless. And that applies to cryptocurrencies. “It’s simple, he has no interest in them, nothing more,” said Zhao.

Similarly, Zhao has said that he believes that he and Buffet have similar investment strategies.

He pointed out that he is in favor of owning even a number of shares that he knows well. And he also expressed that he does not want to diversify his portfolio in many stocks, and that is similar to his mentality.

He said that he only has BNB and Bitcoins. And that does not diversify at all into different digital currencies other than bitcoin, the so-called altcoin.

Zhao: Buffet is in another stage of his life

Zhao added that Buffett is at another stage in his life, and believes that both his learnings and his philosophies and teachings have a lot of value worldwide.

He said that he is a very successful and has a lot of respect for him. But you don’t need to join the crypto ecosystem.

Binance CEO

The mogul strongly criticized to bitcoin during these years, despising the crypto world and describing it as something “worthless” and a “high risk and speculative asset”.

Those times he had said that cryptocurrencies “have no value and they do not generate anything ”. “They cannot reproduce, they cannot be sent with a check, they cannot do anything. The only thing is to wait for another person to come later and pay you a greater amount of money for them later, but whoever has bitcoin has a problem because in terms of value, it has zero ”, he argued.

Berkshire Hathaway does not want bitcoin or cryptocurrencies

Buffet said that for these reasons bitcoin can be used for spurious purposes and that it is usually used for transfers of large amounts of money obtained illegally.

According to the magnate, the economic contribution of bitcoin to society is zero and those who have invested should leave as soon as possible ..

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