{"id":376761,"date":"2021-12-03T15:53:43","date_gmt":"2021-12-03T12:53:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/charlie-munger-says-china-was-correct-to-ban-crypto\/"},"modified":"2021-12-03T15:53:43","modified_gmt":"2021-12-03T12:53:43","slug":"charlie-munger-says-china-was-correct-to-ban-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/charlie-munger-says-china-was-correct-to-ban-crypto\/","title":{"rendered":"#Charlie Munger says China was &#8216;correct&#8217; to ban crypto"},"content":{"rendered":"<p>&#8220;<strong>#Charlie Munger says China was &#8216;correct&#8217; to ban crypto<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>The current market is \u201ceven crazier than the dotcom era\u201d and China made the right call when it banned cryptocurrencies, according to Warren Buffett\u2019s right-hand man Charlie Munger.\u00a0<\/p>\n<p>\u201cThe dotcom boom was crazier on the valuations even than we have now but overall, I consider this era even crazier than the dotcom era,\u201d the 97-year-old Berkshire Hathaway vice chairman said Friday, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.afr.com\/markets\/equity-markets\/munger-lashes-crazier-than-the-dotcom-era-markets-crypto-20211203-p59ej4\">according<\/a> to the Australian Financial Review.\u00a0<\/p>\n<p>The outspoken executive added that share prices for \u201cgood companies\u201d are currently so high that investors who buy now are having a tough time ensuring high returns in the future.\u00a0<\/p>\n<p>Munger also praised China\u2019s ban on cryptocurrencies as the \u201ccorrect decision,\u201d saying he wished the digital coins had never been invented and accusing people involved in the crypto industry of being greedy.\u00a0<\/p>\n<p>\u201cBelieve me, the people who are getting in cryptocurrencies are not thinking about the customer, they\u2019re thinking about themselves,\u201d said Munger, who has an estimated net worth of $2.2 billion, according to Forbes. \u201cJust look at them. I wouldn\u2019t want any one of them to marry into my family.\u201d<\/p>\n<p>Munger \u2014 who made headlines this fall for designing and funding a controversial and mostly windowless mega-dorm at the University of California, Santa Barbara \u2014 is known for his curmudgeonly attitude toward what he sees as excess and greed in the market.\u00a0<\/p>\n<p>In June, Munger slammed commission-free trading <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> Robinhood as a \u201cgambling parlor\u201d that\u2019s \u201cbeneath contempt.\u201d\u00a0<\/p>\n<p>\u201cIt\u2019s a gambling parlor masquerading as a respectable business,\u201d the 97-year-old said at the time. \u201cAnd it\u2019s telling people they aren\u2019t paying commissions when the commissions are simply disguised in the trading.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"639\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/charlie-munger-crypto-06.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021.\" class=\"wp-image-20357739\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/charlie-munger-crypto-06.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/charlie-munger-crypto-06.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/charlie-munger-crypto-06.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Charlie Munger said the current market is \u201ceven crazier than the dotcom era\u201d and China made the right call when it banned cryptocurrencies.<\/figcaption><figcaption><span class=\"credit\">Reuters<\/span><\/figcaption><\/figure>\n<p>\u201cIt\u2019s basically a sleazy, disreputable operation. And the interesting thing about it is that some good people you would be glad to have marry into your family have backed it,\u201d he added.<\/p>\n<p>In this Friday\u2019s interview, Munger also praised Amazon CEO Jeff Bezos but said Amazon faces a threat from Costco, one of Munger\u2019s favorite companies.\u00a0<\/p>\n<p>\u201cAmazon may have more to fear from Costco in terms of retailing than the reverse,\u201d said Munger. \u201cCostco will eventually be a huge internet player. People trust it and they\u2019ve enormous purchasing power.\u201d\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/12\/03\/charlie-munger-says-china-was-correct-to-ban-crypto\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Charlie Munger says China was &#8216;correct&#8217; to ban crypto&#8221; The current market is \u201ceven crazier than the dotcom era\u201d and China made the right call when it banned cryptocurrencies, according to Warren Buffett\u2019s right-hand man Charlie Munger.\u00a0 \u201cThe dotcom boom was crazier on the valuations even than we have now but overall, I consider this&#8230;<\/p>\n","protected":false},"author":1,"featured_media":376762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/12\/charlie-munger-crypto-comp-1.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,120829,70758,95135,4973,76127,70760],"class_list":["post-376761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-12-3-21","tag-berkshire-hathaway","tag-charlie-munger","tag-china","tag-cryptocurrency","tag-warren-buffett"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/376761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=376761"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/376761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/376762"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=376761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=376761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=376761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}