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Cryptocurrencies were never invented

A LEGENDARY investor slammed cryptocurrencies – saying they should never have been invented.

Charlie Munger has warned that today’s market is “crazier” than the dot com crash of the late 1990s that ended in a bankruptcy.

Charlie Munger Says He Wishes Cryptocurrency Was Never Invented

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Charlie Munger Says He Wishes Cryptocurrency Was Never InventedCredit: Getty
Famous Investor Says He Will Never Buy Cryptocurrency

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Famous Investor Says He Will Never Buy CryptocurrencyCredit: Reuters

The 97-year-old praised China for banning cryptocurrencies and said that the current investment environment is “harsh” than anything he has seen in his long career.

Speaking to Sydney-based hedge fund Dr Mark Nelson at the Sohn Hearts and Minds Investment Conference, Mr Munger called the crypto boom “crazy”.

“I would never buy crypto. I wish they would never have been invented,” he said.

“I think the Chinese made the correct decision, which is to simply ban them. My country made the wrong decision.

“I want to make money by selling people things that are good for them, not things that are harmful to them. Believe me, the people who are creating cryptocurrency are not thinking about the customer, they are thinking about themselves. ”

The billionaire said he “couldn’t stand getting involved” one way or another.

“It seems to be working; everyone wants to participate, and I have a different attitude,” added Mr. Munger.

The former real estate attorney — worth about $2.2 billion — has served on the board of Berkshire Hathaway since 1978.

Since taking this position, the company’s assets have grown from $220 million to $460 million.

Mr. Munger has witnessed the so-called dot com crisis, a stock market bubble caused by a rapid rise in valuations of US tech stocks fueled by internet-based companies.

But when the bubble burst, it caused many investors heavy losses while many internet companies went bankrupt.

Mr. Munger has warned that the crypto era is “crazier” than those years.

“I think the dot com boom was crazier in terms of valuation than what we have now. But overall, I consider this era even crazier than the dot com era,” he said.

“You pay a lot of money to good companies and that reduces your future profits.”

What is electronic money?

CRYPTOCURRENCIES is a form of payment that can be exchanged for goods and services.

They work using a technology called blockchain.

Blockchain is a decentralized technology that spans computers to manage and record transactions. Learn more about cryptocurrencies below..

This businessman’s warning came after Jordan Belfort – an investor dubbed as Wolf of Wall Street – condemns meme coin as “s**t” insist that some of their creators go to jail.

Notorious trader Belfort, played by Leonardo DiCaprio in the 2013 hit movie, told The Sun that cryptocurrencies like Shiba Inu and Dogecoin No value and no use.

Belfort said he is a fan of blockchain technology — the system that makes cryptocurrencies like Bitcoin nearly impossible to hack.

However, he cautioned against investors putting large amounts of cash into so-called “meme coins” – digital currencies created as a joke but which have grown in popularity in recent months. this.

And he warns that some of the newer meme coins – or as he names them, “s**t coins” – are outright scams, urging investors not to part with their cash and says that crypto scammers should be sent to jail.

“I am a fan of blockchain but there is a lot of nonsense out there, a lot of coins that have no purpose and are just there to separate people from their money,” Belfort told The Sun Online.

“You hear crazy stories about people making millions and billions but for every such person there are 10,000 or 100,000 people getting their** in Shiba Inu.

“It’s not a sound investment.”

Cryptocurrency are not regulated the way other financial firms are, meaning investors don’t have any protections if things go wrong. Buying any cryptocurrency is extremely risky.

Risks of buying with cryptocurrencies

Investing and buying with cryptocurrencies like Bitcoin is very risky.

Their value is very volatile and City monitors Financial Control Authority warned investors to be prepared to lose all of their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully about making purchases with cryptocurrencies.

For example, Bitcoin has experienced dramatic price swings in recent months, and prices can change almost hourly.

Bitcoin price was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.

That’s a 15% discount.

These price movements are risky for a business because you can sell an item with Bitcoin at one price and the value can drop shortly after, leaving you with less money from a purchase or sale.

Similarly, the price of Bitcoin has increased by more than 21% since the beginning of this week, so it can be difficult for buyers to get an accurate idea of ​​the price of an item if its value changes on a daily basis.

14 and 9 year old siblings earn $160,000 in 7 months of crypto mining

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https://www.thesun.co.uk/money/16954927/cryptocurrencies-never-invented-crazier-dot-com-meltdown/ Cryptocurrencies were never invented

Bobby Allyn

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