Munger on Cryptocurrency: “Why should a civilized government want an ideal, untraceable technology to come into the payment system run by a bunch of people who want to get rich quick for doing very little for civilization? Of course, I hate it. I don’t think it’s good that our country is going crazy over Bitcoin and its ilk. I think the Communist Chinese were wiser than we were. They just banned it.”
-https://news.chiefexecutive.net/acton/rif/39684/s-07df-2202/-/l-0249:2be19/l-0249/showPreparedMessage?sid=TV2:vUhXUOMgq
My official reply:
Michael Mort on banning crytpo currencies: “Why should a civilized people tolerate anyone who wants to ban any medium of exchange among free parties? Of course I hate freedom-haters like that. I don’t think it’s good that our country is full of people who want to restrict the freedom of others to engage in free commerce. If any government official advocates such a course of action, that official should immediately be banned from participation in any decision making on behalf of any other person or group of people.”
America is a Constitutional Republic, where the powers of government are granted by the people–not the other way around. This guy may be a successful investor at Bershire Hathaway, but his view that government isn’t “civilized” if it “tolerates” freedom among its citizens is simply anti-American, totalitarian drivel. He has so much money, and he’s so old, he just doesn’t care about freedom the way the thoughful American founders envisioned it.
I would not take advice from Munger on investments any more than I would take advice from Biden on ethics.