Legendary Investor Charlie Munger Slams Crypto, Says Industry a Mix of Fraud and Delusion

Legendary Berkshire Hathaway investor Charlie Munger has major criticisms of the crypto space in light of the recent FTX collapse.

In a new interview with CNBC’s Squawk Box, Munger asserted a skeptical view on crypto and its effects on the world.

“It pains me that in my own country, I see people that are regarded as very reputable people, helping these things exist, promoting their use and so forth. 

This is a very, very bad thing.

The country doesn’t need a currency that’s good for kidnappers and so on…

There are people who think that they just have to be on every deal that is hot. And 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 lives. And to destroy your reputation by associating with scumballs and scumball promotions is a huge mistake…

I think these companies actually mean well. What you’re seeing is a lot of delusion. It’s partly fraud and it’s partly delusion. That’s a bad combination. I don’t like either fraud or delusion. And the delusions are even deeper than the fraud. 

Nobody is going to invent a new thing where every 12-year-old kid can become a billionaire or something… just call it ‘Mungercoin’… It’s crazy. It’s demented.”

Munger’s latest crypto comments echo his past statements on the space when he called Bitcoin (BTC) worthless and associated trading crypto with having dementia.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia