Billionaire and noted bitcoin critic Charlie Munger took a victory lap Tuesday after FTX’s recent meltdown – blasting cryptocurrencies as a “demented” enterprise rife with “fraud” and delusion.”
When asked about FTX’s collapse into bankruptcy, the 98-year-old Berkshire Hathaway vice chairman referred to digital currencies as a “very, very bad thing” ripe for exploitation by bad actors.
“The country did not need a currency that’s good for kidnappers and so on,” Munger said during a Tuesday appearance on CNBC. “There are people who think they’ve got to be on every deal that’s hot. They don’t care whether it’s child prostitution or bitcoin. If it’s hot, they want to be in on it. I think that it’s totally crazy.”
“Reputation is very helpful in financial life,” Munger added. “To destroy your reputation by associating with scumballs and scumball promotions is a huge mistake.”
Source: Charlie Munger blasts crypto after FTX meltdown: ‘Good for kidnappers’
