Charlie Munger says bitcoin evolves because of the ideal ecosystem by govt
The vice-chairman of Berkshire Hathaway shared his negative stances on the increasing circulation of the Crypto industry in the world.
Charlie Munger is vice president of Berkshire Hathaway. On 16 February, he appeared in an interview with Yahoo Finance. Through the interview, he explained how the crypto industry evolved in this world under the positive ecosystem provided by government authorities.
Charlie said that he and Warren Buffett already knew very well about what was going on and also knows even today that it is a disaster, which is not a good thing for the republic.
“A lot of people think, well Warren and Charlie don’t understand it,” he said, “I think we do understand it and we know it isn’t good for our republic.”
Charlie also said that crypto assets are not only associated with security risks but also are a system that may result in an economic downturn.
Besides all these things, he said that such Crypto assets are really bad because people are using them in laundering and anonymous transactions.
” If you stop to think about it, it’s an ideal currency if you want to commit extortion or kidnapping or have a protection record or something.”
Charlie noted that now the situation has changed where we can’t reverse it because there is support from many government agencies and officials. But he appreciated the move of the Chinese government to ban the crypto industry totally from the country.
“You let a bad genie out of a bottle, god knows what happens,” he continued, “I think the communist Chinese were wiser”
Earlier, in May of last year, Charlie and Buffet raised their voice against the crypto-stock platform Robinhood exchange and stated that it is a type of Casino Sorts. In response, Robinhood stated that such statements by such people are totally “disappointing and elitist”.
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