Top Crypto critic and Berkshire Hathaway Vice chairman Charlie Munger finally respond on the matter of FTX collapse. Charlie in an interview with CNBC slams cryptocurrency and said cryptocurrencies are a pernicious mix of deception and illusion.
Crypto Critic Munger unveils his thought on cryptocurrency
In an interview crypto critic, Charlie Munger compares cryptocurrency with child prostitution. He said “This is a very, very bad thing. The country did not need a currency that was good for kidnappers.” In addition to this, he said “There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”
Berkshire Hathaway’s Vice chairman stated cryptocurrency is a combination of partly fraud and partly delusion. Munger said “You are seeing a lot of delusions. Partly fraud and partly delusion. That’s a bad combination.”
While talking about the crypto scheme Munger said that to imagine that someone can create a new token that can instantly turn a 12-year-old into a billionaire is “crazy” and “demented.” Buffett’s right-hand man added that regulators have not recognised the risks of cryptocurrency because of its novelty. He blamed the government for not outlawing cryptocurrency sooner.
Moreover, the statement from Munger comes after a turbulent week for the cryptocurrency sector. Following a decline in the value of its native FTT coin due to worries about the company’s financial stability, FTX filed for Chapter 11 bankruptcy protection. Initially Binance planned to acquire FTX but after hearing about mishandled customer cash and alleged U.S. government investigations into FTX, Binance withdrew from a plan to buy FTX.
Aftermath of FTX collapse
Notingly, the turmoil enveloping the market grew worse over the weekend, causing prices of digital currencies to decline once more. The value of Bitcoin, the biggest cryptocurrency in the world, has decreased by nearly 65% so far this year.
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