Charlie Munger praises China for banning crypto

Legendary investor, Charlie Munger has praised the Chinese Government for banning cryptocurrencies.

He hit out at the crypto sector during a Q&A at the Sohn Hearts & Minds Investment Leaders Conference today.

“I admire the Chinese, I think they made the correct decision, which was to simply ban them,” he said.

“English-speaking civilisation has made the wrong decision, I just can’t stand participating in these insane booms, one way or another.

“I wish they’d never been invented.”

Munger went on to accuse creators of cryptocurrencies of greed and deceit.

“I want to make my money by selling people things that are good for them, not things that are bad for them.

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they’re thinking about themselves.”