Charles Thomas Munger shared his insights regarding cryptocurrency investing recently. This world-renowned billionaire investor expressed his disfavor towards virtual currencies.
We want to share this crypto-asset-related report with our followers, featuring world-famous investor Mr. Charles Munger. Considering that he is a seasoned investor and investing guru, we think our readers will learn many helpful insights from him.
According to the news posted online by markets and investing news and information source Motley Fool Australia, Munger was present at the recent Sohn Hearts and Minds Investment Leaders Conference last Friday, December 3.
This virtual event organized in Australia features listed investment company Hearts and Minds Investments bringing together the top picks of leading fund managers. The latter select their best ideas at the conference.
Munger, who is the partner of business magnate Warren Buffett at multinational conglomerate firm Berkshire Hathaway, was available to share his perspectives at the Sohn Hearts and Minds Investment Leaders Conference. This legendary investor was among the world-renowned guest speakers there.
Munger offered his views about cryptocurrency investing. He cited that he wants his company to profit by selling consumers things that are beneficial for them and not those that would be harmful to them.
The billionaire investor, businessman, and former real estate attorney affirmed that since he is not a cryptocurrency fan, he would not participate in these crypto-assets’ present boom he described as “insane.” He pointed out that he merely could not stand taking part in the unreasonable cryptocurrency booms one way or the other.
Moreover, Munger disapproved of virtual currency assets’ advocates. He maintained that he would never purchase any of their cryptocurrencies and wished these crypto-assets had never been invented.
Munger, whose real-time net worth at the time of writing is US$2.2 billion per Forbes, relayed that his country, the United States, had made the incorrect decision. He said he believes China, on the other hand, made the right one after its government banned cryptocurrencies this year.
The vice-chairman of famed holding firm Berkshire Hathaway and Buffett’s right-hand man relayed that cryptocurrencies appear to be working, with many investors wanting to pile in, but he maintained that he possesses a different attitude. Munger said that cryptocurrency developers are thinking about themselves and not their customers.
We highly respect Mr. Munger’s perspectives regarding cryptocurrencies and cryptocurrency investing. We understand that he dislikes these crypto-assets and is cynical about their developers.
However, we also think Mr. Munger can look at the cases of cryptocurrency billionaires. Some are not the developers of the virtual currencies they invested in. Nonetheless, they were able to rake in huge sums of returns from their investments after a while.
The cryptocurrency billionaires possessed sufficient investment funds to pour in their crypto-assets of choice, practiced HODLing, and fortunately succeeded in their high-risk action. We think Mr. Munger can look at these cases, so he will understand that cryptocurrency investing is not 100-percent bad for today’s investors at all.