Crypto community responds to Charlie Munger yelling at Bitcoin again

As 97-year-old invest­ment vet­er­an Char­lie Munger con­tin­ues scold­ing cryp­tocur­ren­cies like Bit­coin (BTC), the cryp­to com­mu­ni­ty is quick to respond to his lat­est comments.

The vice-chair­man of War­ren Buffett’s Berk­shire Hath­away spoke of cryp­to at Aus­trali­a’s investor event, the Sohn Hearts and Minds con­fer­ence, on Fri­day, reit­er­at­ing his extreme skep­ti­cism to the indus­try, local news agency The Syd­ney Morn­ing Her­ald report­ed.

A known cryp­tocur­ren­cy naysay­er, Munger has pro­vid­ed some fresh remarks on the cryp­to indus­try, argu­ing that the cur­rent cryp­to ecosys­tem is even cra­zier than the dot-com era over­all. “I think the dot com boom was cra­zier in terms of val­u­a­tions than even what we have now,” he noted.

Munger also stressed that he sup­port­ed China’s lat­est attempt to ban cryp­tocur­ren­cy and crack­down on “some of the exu­ber­ances” of cap­i­tal­ism, stating:

“Believe me, the peo­ple who are cre­at­ing cryp­tocur­ren­cies are not think­ing about the cus­tomer, they are think­ing about them­selves […] ​​I want to make my mon­ey by sell­ing peo­ple things that are good for them, not things that are bad for them.”

A num­ber of peo­ple in the cryp­to com­mu­ni­ty have sub­se­quent­ly react­ed to Munger’s lat­est com­ments on Bit­coin, with many point­ing out that inca­pa­bil­i­ty to under­stand new tech like Bit­coin at his age is not a surprise.

“I’m nev­er going to buy a cryp­tocur­ren­cy. I wish they’d nev­er been invent­ed,” Munger added.

Imag­ine, he is 97 years old.

He was alive when ford invent­ed the Mod­el T (almost).

I guess hold­ing stocks takes ages to make a prof­it. Leave the poor man alone, he is just shocked we are pump­ing 1300% weekly.

Dif­fer­ent times old man.

— The Cryp­to Head (@TheCryptoHead) Decem­ber 3, 2021

Syn­thetix founder Kain War­wick also empha­sized that despite Munger’s will­ing­ness to make mon­ey by sell­ing good things, Berk­shire Hath­away is the largest share­hold­er of Coca-Cola, which is sup­posed to be a “sig­nif­i­cant con­trib­u­tor to many health conditions.”

Char­lie munger: I want to make my mon­ey by sell­ing peo­ple things that are good for them, not things that are bad for them.
Also Char­lie Munger: load up on some more of that high fruc­tose corn syrup kid­dies! Isn’t it just dandy! https://t.co/xnefgTmLho

— kain.eth ⚔️ (@kaiynne) Decem­ber 3, 2021

Jamil Hasan, pro­gram direc­tor of cryp­to and blockchain pod­cast series The Cryp­to Cor­ner, not­ed that the indus­try should not be both­ered by Munger not invest­ing in cryp­to: “I’m ok if Char­lie Munger doesn’t buy cryp­to. I’m cer­tain there are some things that Char­lie buys that I don’t need.”

Some cryp­to indus­try play­ers also empha­sized that Chi­na attempt­ed to ban Bit­coin mul­ti­ple times over the past eight years but it did not pre­vent the cryp­tocur­ren­cy to surge over 5,000%.

Char­lie Munger: I’m glad Chi­na banned #Bit­coin

Bit­coin: Up 5585% since Chi­na’s first ban in 2013 pic.twitter.com/Pu6MdsBJxZ

— Block­works (@Blockworks_) Decem­ber 3, 2021

Relat­ed: Insti­tu­tion­al man­agers bought the dip as cryp­to funds see $154M in week­ly inflows

While some invest­ment leg­ends like Munger keep main­tain­ing a hard stance on cryp­to, oth­er invest­ment giants like Sky­bridge Cap­i­tal are get­ting increas­ing­ly bull­ish on Bit­coin.  As such, Antho­ny Scaramucci’s plat­form for invest­ing in hedge funds grew its expo­sure to cryp­to-relat­ed assets by near­ly 150% in Q3.