The vice chairman of the board of directors of the Berkshire Hathaway company founded by Warren Buffett believes that China made the right decision by banning cryptocurrencies.
At a conference on Friday, Charles Munger said that the current market conditions in terms of madness surpass what was observed in the dotcom era at the turn of the millennium. Then ordinary companies used web technologies to attract investors who wanted to invest money in a rapidly developing industry.
During his speech, Munger said that he would prefer if the cryptocurrency industry did not exist at all.
"I wish they hadn't been invented at all. And again, I admire China. I think they made the right decision by simply banning them," he said, calling the behavior of the authorities "adult."
The English-speaking world, according to Munger, makes a big mistake by supporting the further development of cryptocurrency technologies.
"I want to make money by selling people things that benefit them, not harm them," he added, noting that he would never join the cryptocurrency market as an investor.
Earlier, the 97-year-old billionaire called cryptocurrencies "a disgusting story that contradicts the interests of civilization."