Charlie Munger: I love China for its ban on cryptocurrencies

Charlie Munger was virtually speaking at the Sohn Conference in Sydney on Friday when asked for his opinion on China and its ban, he agreed with the policy of the nation and praised the Chinese government for its action.

Charlie Munger, who spoke out against cryptocurrencies earlier this year, expressed his disgust atBitcoin and cryptocurrencies. In early May, a statement was made that BTC and the whole thing are disgusting and contrary to the interests of civilization. Munger has publicly decryingBitcoin. In February, reported by CNBC during the annual shareholder meeting of the Daily Journal, the company described it as a sort of substitute for gold. In May, at Berkshire's annual shareholder meeting, Munger took a swipe atBitcoin stating his hatred for the gains of the criptocurrency, and then tried to debase BTC saying:

China's position on cryptocurrencies has been harsh for a long time. The Chinese government slowly regulated cryptocurrencies, which sent waves through the market, until eventually removing the possibility of its utility in favor of the state-backed project for a digital form of the yuan.

Charlie Munger expressed his appreciation for the Chinese government s banning of criptocurrencies at the Sohn Conference in Sydney on Friday. I admire the Chinese, I think they made the right decision, which was to ban them. Munger's opinion onBitcoin andCryptocurrencies has remained static and rigid for the last year, he has publicly denounced it for its volatility and attempts to write it off as a handy tool of criminals.

He is yet to comment on the value of the technology, yet he finds himself wishing it out of existence, seemingly before he has grasped its potential.