Berkshire Hahaway’s Charlie Munger doubles down on his cryptocurrency criticisms

Talking on CNBC, Munger ripped cryptocurrencies, calling them “partly fraud and partly delusion.”

“This can be a very, very unhealthy factor. The nation didn’t want a forex that was good for kidnappers,” Munger mentioned. “There are individuals who assume they’ve obtained to be on each deal that’s sizzling. I believe that’s completely loopy. They don’t care whether or not it’s baby prostitution or bitcoin.”

FTX has warned that it may have over 1 million collectors in an up to date chapter submitting, a wide ranging soar from the preliminary estimate of over 100,000. Bitcoin costs, in the meantime, have misplaced 74% of their worth previously yr (and tokens are value simply half of what they had been in Could).

Munger mentioned that mixture of fraud and delusion was in charge.

“Good concepts, carried to wretched extra, change into unhealthy concepts,” he mentioned. “No one’s gonna say I obtained some s–t that I wish to promote you. They are saying – it’s blockchain!”

The criticisms, whereas amped up, are nothing new for Munger, who has lengthy been a skeptic of digital currencies, saying he has noticed no worth or potential in them.

“In my life, I attempt to keep away from issues which might be silly and evil and make me look unhealthy … and bitcoin does all three,” he mentioned in April. “Within the first place, it’s silly as a result of it’s nonetheless prone to go to zero. It’s evil as a result of it undermines the Federal Reserve System … and third, it makes us look silly in comparison with the Communist chief in China. He was good sufficient to ban bitcoin in China.”

He has additionally likened it to “rat poison” and a “venereal illness.”