Charlie Munger says he wishes cryptocurrencies had 'never been invented' and admires China for banning them. (via CNBCMakeIt)
," he said. "I don't welcome a currency that's so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air."
"I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization," Munger added. Of course, bitcoin supporters would disagree with Munger. They believe bitcoin is a store of value that can be used to hedge against inflation. They'd argue that bitcoin is a sound peer-to-peer financial system."It's really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin," Munger said at the annual
. "Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.", according to Coin Metrics, with a market value of over $1 trillion.
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