Charlie Munger, a legendary investor of Berkshire Hathaway, does not have a positive take on crypto, especially in the current scenario with the recent FTX collapse. Munger presented a rather cynical view of crypto and its effects on the world.
He said that it pains him to see reputable people from his own country endorsing these things and helping them exist. He further added that the country is in no need of a currency that is “good for kidnappers.”
According to him, there are people who believe that they have to be in on every hot deal, and they don’t care whether it is child prostitution or Bitcoin. It just has to be hot for them to be in on it.
He says it is “crazy and demented.” Reputation plays a very important role in financial lives, and to hamper it by associating with “scumballs and scumball promotions” is a huge mistake. For him, all of this is partly fraud and partly delusion, and it is a bad combination, with delusions running deeper than the fraud.
The legendary investor’s latest comments on crypto echo his past statements on the sector when he called Bitcoin worthless and referred to crypto trading as having dementia.