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Charlie Munger says crypto is a foul combo of fraud and delusion — ‘good for kidnappers’

Charlie Munger weighs in on crypto collapse: We do not need currency for kidnappers

Berkshire Hathaway Vice Chairman Charlie Munger, a longtime cryptocurrency skeptic, mentioned digital currencies are a malicious mixture of fraud and delusion.

“It is a very, very dangerous factor. The nation didn’t want a foreign money that was good for kidnappers,” Munger mentioned in an interview with CNBC’s Becky Quick that aired on “Squawk Box” on Tuesday. “There are individuals who suppose they have to be on each deal that is scorching. I believe that is completely loopy. They do not care whether or not it is baby prostitution or bitcoin.”

The 98-year-old investor’s remark got here after a wild week for the business. FTX filed for Chapter 11 bankruptcy protection after considerations over the corporate’s monetary well being resulted in a run on the alternate and a plunge within the worth of its native FTT token. Binance had backed out of a deal buying FTX after stories of mishandled buyer funds and alleged U.S. authorities investigations into FTX.

“You’re seeing a number of delusion. Partly fraud and partly delusion. That is a foul mixture,” Munger mentioned.

The worth of bitcoin, the world’ largest cryptocurrency, has fallen greater than 60% this yr to commerce beneath $17,000, in accordance with Coin Metrics.

“Good concepts, carried to wretched extra, develop into dangerous concepts,” Munger mentioned. “No person’s gonna say I obtained some s*** that I need to promote you. They are saying – it is blockchain!”

Hearken to the complete interview with Munger on the Squawk Pod podcast.

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