Berkshire Hathaway Inc. manager Charlie Munger, after the collapse of FTX to cryptocurrencies reiterated his criticism.
In an interview with CNBC’s Becky Quick on Tuesday’s “Squawk Box,” Charlie Munger said:
“This is a very, very bad thing. This country didn’t need a useful currency for kidnappers. There are people who think they should be in every deal on the agenda. I think it’s totally crazy.”
The 98-year-old investor’s comment came after a tough week for the industry. FTX has filed for Chapter 11 bankruptcy protection after concerns over the company’s financial health led to a stock market crash and a drop in the value of its native FTT token.
Binance backed out of its agreement to acquire FTX after allegations of misused client funds and US government investigations into FTX.
Charlie Munger: “The Combination of Fraud and Illusion”
The 98-year-old billionaire has long been Bitcoin He’s been critical of her and has previously described her as “stupid and evil”. He has previously called for a ban on cryptocurrencies.
Munger continued his statements on the subject as follows:
“This is part fraud and part illusion. This is a bad combination. I don’t like fraud or illusion. And illusion can be more advanced than fraud.”
Charlie Munger, Warren Buffett’s right-hand man, concluded his words by saying:
“Good ideas turn into bad ideas when carried to a miserable excess. Nobody says ‘I have something I want to sell you’, they say it’s a Blockchain project!”
*Not investment advice.
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