Billionaire Charlie Munger Slams Cryptocurrencies After FTX Crash, Says ‘I Think It’s Completely Insane’

Munger has stated that he believes that Bitcoin and other cryptocurrencies are a waste of resources, and that they are not a good investment. He has also said that they are not backed by anything, and that they are not a good way to store value. Berkshire Hathaway’s Vice Chairman, Charlie Munger, has long voiced his criticism of crypto, with a particular focus on Bitcoin. The billionaire’s disdain for digital assets has been reinforced by the ongoing market downturn and the abrupt collapse of the major exchange FTX.

This is a very negative thing. Munger said in an interview with US broadcaster CNBC that a currency that is good for kidnappers and other criminals is not needed in the country.

Some people feel as if they have to be involved in every deal that’s happening. And they don’t care whether it’s child prostitution or Bitcoin,” he stated. It seems like such a crazy idea to me. Reputation is very beneficial in financial life.

Munger thinks that investing in crypto is like being in a dream, even though many big-name financiers from all over the world have invested in it.

If someone has good ideas, they might want to keep using them, even if they might also want to use them in a way that is good for them and others. But if someone doesn’t use their ideas wisely, they might make them into bad ideas. Nobody is going to sell you something they don’t want to. Blockchain is a new technology that is used to keep track of transactions. Blockchain is a new way of storing information that is very secure. Like fairy dust.”

Munger said in an interview in February 2022 that crypto is not a good choice if you want to commit crimes like extortion or kidnapping. He also said that BTC and other cryptos are not worth anything and are not worth anything to him.

Investors are asking why a government would want to adopt an untraceable payment system that is run by people who may not have the best interests of civilization at heart. “Of course I hate it.”

Munger ended his tirade by praising China’s government for being wiser than we were and banning crypto.

FTX is a company that is in bankruptcy. Sam Bankman-Fried, the founder and former CEO of FTX, is trying to raise new money so that FTX’s customers are made whole.

FTX is a financial institution that handles a lot of money each day. I didn’t realize how much leverage I had, and as a result, things got really complicated. A run on the bank and market crash exhausted liquidity. Can you think of anything you can do to help make the situation better? SBF is trying to help customers who were affected by the bank’s closure and to restart its business.

SBF is meeting with potential investors and regulators to figure out what can be done to help FTX’s customers. After the animals, investors will come. First, I need to talk to some customers.

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