Berkshire Hathaway Vice Chairman Charlie Munger, a longtime cryptocurrency skeptic, stated digital currencies are a malicious mixture of fraud and delusion.
“This is a very, very bad thing. The country did not need a currency that was good for kidnappers,” Munger stated in an interview with CNBC’s Becky Quick that aired on “Squawk Box” on Tuesday. “There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”
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The 98-year-old investor’s remark got here after a wild week for the business. FTX filed for Chapter 11 chapter safety after issues over the corporate’s monetary well being resulted in a run on the change and a plunge within the worth of its native FTT token. Binance had backed out of a deal buying FTX after reviews of mishandled buyer funds and alleged U.S. authorities investigations into FTX.
“You are seeing a lot of delusion. Partly fraud and partly delusion. That’s a bad combination,” Munger stated.
The worth of bitcoin, the world’ largest cryptocurrency, has fallen greater than 60% this 12 months to commerce beneath $17,000, in accordance with Coin Metrics.
“Good ideas, carried to wretched excess, become bad ideas,” Munger stated. “Nobody’s gonna say I got some s*** that I want to sell you. They say – it’s blockchain!”
Listen to the complete interview with Munger on the Squawk Pod podcast.
Source: www.cnbc.com”