Charlie Munger, a prominent billionaire investor and the vice-chairman of Berkshire Hathaway, again lashed out at cryptocurrencies like , while also backing China’s decision to ban most crypto-related activity in the country.
“The Chinese made the correct decision, which is to just simply ban them,” Munger said at the Sohn Hearts & Minds Investment Conference in Sydney, the Australian Financial Review reported.
Despite investors’ concerns, Munger believes that China was acting in “an adult fashion.”
Munger even stated that he’d wish crypto had never been invented and that the investment environment created by the emerging technology had reached levels of extremity, comparing the sector to the dot-com boom of the 1990s.
“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,” said Munger.