The market Billionaire legend Charlie Munger criticizes cryptocurrencies and calls the current state of the market even crazier

Holding company Vice President, Billionaire and Berkshire Hathaway Warren Buffettin long-term partner Charlie Munger is of the opinion that the market has overheated sharply.

Munger said at a conference on Friday that the current environment is “even crazier” than it was during the IT bubble in the late 1990s.

During the IT bubble, the faith and enthusiasm for new technology companies was so huge that investors put money into companies that could only have the idea of ​​a new platform. The bursting of the inflated IT bubble led to the economic crisis of the early 2000s.

Now 97-year-old Munger thinks the market is going through an even crazier time in the IT bubble.

Munger also criticized cryptocurrencies and hoped they did not exist at all.

“I hope they weren’t invented at all.”

Munger says he admires China, which has banned cryptocurrencies altogether.

Read more: China declared all payment transactions in cryptocurrencies illegal

“I think they will [Kiina] made the right decision to deny them. My country, the English-speaking world, has made the wrong decision. I can’t stand participating in these senseless booms, at any level, ”Munger said According to Bloomberg.

In addition, Munger said he was pleased that the use of fossil fuels had been reduced.

“I think this is a wise move. This should be done even in the absence of climate change. ”