The aide of legendary investor Warren Buffett, Charlie Munger, described cryptocurrency as a currency for “kidnappers” in an interview. He also added additional opinions regarding bitcoin and the downfall of FTX, a cryptocurrency exchange.
Regarding cryptocurrency, he expressed his anguish at the fact that once “reputable” Americans are aiding the industry’s survival. He asserted that reputation is crucial to success in the business world and that it is a grave error to damage your reputation by associating with fools and dishonest people.
He also compared bitcoin to prostitutes and suggested that individuals take advantage of every “hot” deal they can.
“It pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist. This is a very very bad thing. The country did not need a currency that’s good for kidnappers and so on.”
He claimed that there is a lot of delusion and fraud when questioned about whether the corporations that invested in FTX did sufficient thorough research. Later, he described this combination as “bad” and stated that he hates both of them. He added that cryptocurrency businesses can be more delusional than fraudulent.
Charlie calls the concept of democratic token issuance “crazy” and “demented” because anyone can create a token and start trading it. He added that he disliked “bitcoin promoters” and that he liked central banks and central bankers.
He earlier labelled Bitcoin as “rat poison” and called it “contrary to the interest of civilization.”. Additionally, he urged his admirers to steer clear of cryptocurrency like it was an “open sewer, full of malicious organisms.” He urged them to stay away from the cryptocurrency sector.
Charlie also thinks that cryptocurrency should be outlawed by all national governments.
The vice-chairman of Berkshire Hathaway complimented Tesla in the same interview and referred to it as a “minor miracle” for the auto industry because no other automaker has been as successful as Tesla for a very long time.