Warren Buffett’s right-hand man Charlie Munger believes that any currency will be worthless within about 100 years. “It is natural to reduce the purchasing power of currency,” said the billionaire.
At a conference in Sindhi, Munger was asked how he sees the current inflation spike. In the United States, inflation surfaced in October 6.2 percent. Feather, “Almost any currency will be worthless within 100 years,” was his reply. “I don’t trust any currency issued around the world. It’s natural for a currency to decline in purchasing power. If you’re a government, slow inflation is the best you can hope for.”
Sharp for crypto coins
This does not mean that Munger is a fan of cryptocurrencies as an alternative to traditional currencies. In contrast, he has never been a proponent of cryptocurrencies. With clockwork regularity, billionaires lavish on digital coins. Earlier this year, for example, he said he hated bitcoin (BTC) and that “development as a whole is abhorrent and against the interests of civilization.”
He continued that momentum during the conference. Munger said on Friday that China had made the right decision to ban cryptocurrencies. Earlier this year, the country announced a ban All on transactions with crypto,
“China is taking a very mature stance on cryptocurrencies,” Munger said. He said that he wants to “make money by selling people something that will help them get ahead in life, not selling things that are bad for them. People who invest in cryptocurrencies think only about themselves. Don’t think about the customers. I don’t want any of them to marry any of my relatives.”
Compare with Internet Bubble
During his speech, he even stated that he wished cryptocurrencies had never been invented and that the investment climate created by the emerging technology had peaked. Munger drew comparisons to the Internet bubble of the 1990s. At the time, many Internet companies had their sails on the stock exchange. But it came to an abrupt end in 2000.
“I think the internet bubble in terms of valuation was crazy what we have now. But overall, I think this era is even more cynical than the dotcom era,” he concluded.
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