Charlie Munger praises CCP for banning Bitcoin
Photo: Unsplash
America’s ruling class has more in common with China’s than they care to admit.
Aside from Charlie Munger that is.
The billionaire investor has been full of praise for the CCP, specifically alluding to its decision to ban all activity to do with crypto.
the western elite don’t praise the CCP every waking moment challenge (impossible) https://t.co/INjCh6dhIZ
— nic carter (🎄, 🎄) (@nic__carter) December 3, 2021
“The Chinese made the correct decision, which is just simply to ban them,” Munger said in an interview, as reported by the Australian Financial Review on Friday.
His comments follow the Chinese government’s decision to outlaw crypto trading and associated institutions from operating within the country.
“They’re acting in a more adult fashion,” Munger said. “They were right to step down so hard on corruption.”
Charlie Munger: I'm glad China banned #Bitcoin
— Blockworks (@Blockworks_) December 3, 2021
Bitcoin: Up 5585% since China's first ban in 2013 pic.twitter.com/Pu6MdsBJxZ
Seemingly without a hint of irony Munger said that people in crypto “are not thinking about the customer; they’re thinking about themselves.”
The crypto community ferociously hit back at the nonagenarian over social media.
I am reminded of the Buffet quote:
— Dan McArdle (@robustus) December 3, 2021
"It takes 20 years to build a reputation and five minutes to ruin it"
Munger, @steve_hanke, et al, ruining reps they built over decades, with their ignorant-but-aggressive takes on bitcoin/crypto. https://t.co/lpT0NDAi8S
Charlie Munger praising China for Banning Crypto saying he wishes “they’d never be invented” reaffirms how much older generations can’t stand the fact that ppl can work so much smarter now, than harder.
— ohihello ✨ (@ohihello1) December 3, 2021
Can you imagine feeling so threatened you have to condemn innovation?