Due to the recent demise of FTX criticism of the entire industry has flared up again. Also by the right hand of legendary investor Warren Buffett, Charlie Munger. He recently said that he still has no good words for anything that has to do with crypto.
Charlie Munger hates crypto
The vice chairman at Berkshire Hathaway left in a interview with CNBC know today that he sees crypto as a lousy combination between ‘fraud’ and ‘madness’. According to him, cryptocurrencies are only suitable as a means of payment for ‘kidnappers’. So Munger clearly doesn’t beat around the bush.
“It is part fraud and part delusion. That’s a bad combination, I don’t like fraud or delusion, and the delusion can be even more extreme than the fraud. […] A 12 year old can become a millionaire, he just calls it Mungercoin and starts trading with it. It’s crazy, it’s dementia.”
Munger also indicates that he is disappointed that some big names in the financial world in the United States are joining the crypto industry. According to him, such people destroy their reputation and thus preserve crypto, while Munger prefers that crypto dies a quick death.
“It pains me, in my own country, to see people who were once considered worthy of respect help these things exist. This is a very, very bad thing. The country does not need a currency that is good for kidnappers. There are those who think they should be in on every deal that is popular. They don’t care if it’s child prostitution or Bitcoin. If it’s popular, they want to participate. I think that’s completely idiotic.”
Warren Buffett
Not only Munger is not happy about crypto, his partner Warren Buffett actually simply hates the crypto market. Earlier it was in it crypto news to read that Buffett stated that cryptocurrencies have no inherent value and are therefore really nothing more than hot air.