Charlie Munger’s ‘Bitcoin Shouldn’t Have Been Invented’ Remarks Shake the Cryptocurrency Market

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“The current capital market bubble is worse than the IT bubble,” said Charlie Munger, 97, vice chairman of Berkshire Hathaway, an investment firm owned by Warren Buffett, the “sage of Omaha.”

At a conference in Sydney on the 2nd, Munger said, “The recent bubble in the capital market is very serious and worse than the dot-com bubble in the late 1990s. The market is crazy,” he said.

He pointed out that the bubble in cryptocurrency (virtual currency) is particularly serious. “Cryptocurrencies shouldn’t exist,” he said, praising China’s regulatory measures.

“The English-speaking civilization has made the wrong decision regarding cryptocurrencies, and we cannot stand being involved in this crazy boom in any way,” he said.

He previously said at Berkshire’s annual shareholders’ meeting in May that he “had bitcoin.”

When asked about bitcoin during the annual Q&A session, he said, “I don’t welcome currencies that are useful only to hijackers, and I can’t stand anyone making billions of dollars inventing new financial products out of the air.”

In particular, Munger’s remarks on the 2nd are evaluated to have contributed to the bitcoin crash. The U.S. stock market plunged mainly on growth stocks on the 3rd due to Munger’s remarks that day, and as the U.S. stock market plummeted, Bitcoin plummeted more than 20% on the 4th and fell to the $42,000 level.

Bitcoin Daily Price Trend – Capture CoinMarketCap

Bitcoin, which once plummeted by more than 20%, is being traded at $48,701 on CoinMarketCap, a global coin market relay site, at 6 am (Korean time) on the 6th at 6 am (Korean time).

Munger, meanwhile, is a close friend of Berkshire founder Warren Buffett, who co-run Berkshire with Buffett.

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