Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s Right-hand man has commented on the collapse of cryptocurrency exchange FTX, saying, “Part of it is a fraud and the delusion of the parties.” “This country didn’t need a kidnapper-friendly currency,” he noted, emphasizing, “I basically like the Fed’s existence…I hate bitcoin promoters.” . He also said Tesla’s success was a “small miracle.”
Berkshire’s Charlie Munger on Bitcoin, FTX Collapse, Fed, Tesla and Elon Musk
98-year-old Berkshire Hathaway Vice Chairman said:
This is very bad. The country didn’t need a currency that favored kidnappers and the like.
He believes that some people “must participate in all hot deals and don’t care if it’s child prostitution or Bitcoin.” He said he felt depressed about being there.
He continued: I think it’s completely crazy. Reputation is very useful in financial life, but ruining it in connection with kudballs and kudball promotions is a big mistake.
When asked whether companies that invested in FTX have done due diligence, Munger said:
You see many delusions. It’s half fraud and half delusion. It’s a bad combination. I don’t like deception or delusion and delusion may be more extreme than deception.
“No one will get into the new thing where every 12-year-old can be a millionaire or something,” he explained, adding that just creating a coin would You can call it Munger, he added. coin, start trading it. “It’s crazy, it’s demented.”
Munger also said:
I basically like the Fed’s presence. I think the fiat world needs sensible central banks…so, by and large, I like central bankers and generally hate bitcoin promoters.
The Vice Chairman of Berkshire Hathaway was never a fan of Bitcoin or cryptocurrencies. He previously called Bitcoin “rat poison” and “against the interests of civilization.” He even compared cryptocurrencies to venereal diseases. In July he advised: I avoided it entirely and encouraged everyone else to follow my example. A Berkshire Hathaway executive believes the government should ban Bitcoin.
Munger also spoke out about Tesla and its CEO, his Elon Musk. He said:
I am certainly surprised that Tesla has achieved this much, but I do not intend to equate Tesla with Bitcoin.
“Tesla has really contributed to this civilization. We didn’t have a successful car company, but what Tesla has done in the car business is a small miracle,” he opined.
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