“I wish they had never been invented”: Vice President of Warren Buffett's financial conglomerate charges against ...

Charlie Munger, vice president of Berkshire Hathaway, Warren Buffett’s financial conglomerate, noted that he would prefer that cryptocurrencies had never been invented and praised the Chinese authorities for their decision to ban them, pick up The Australian Financial Review.

“I wish they had never been invented,” Munger told a conference, organized by the Sohn Conference Foundation, in Sydney.

“I admire the Chinese, I think they made the right decision, which was simply to ban [las divisas digitales]”, the investor pointed out.

Munger constantly criticizes Bitcoin for its extreme volatility. “It is a kind of artificial substitute for gold. And since I never buy gold, I never buy bitcoins,” he said in February 2020. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was’ the unspeakable in persecution of the inedible, ‘”he added at the time.

This Saturday, the price of bitcoin and the main digital currencies fell dramatically in a matter of hours. The price of bitcoin fell to $ 42,019 for the first time since September, when the impressive ‘rally’ began that raised its price to new all-time highs. The major digital currency situation led to a broader drop in crypto markets. Ethereum contracted more than 14%, Solana, Cardano and XPR lost more than 18%, while other assets fell more than 20%.