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

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


In this write-up

  • BRK.A
Charlie Munger weighs in on crypto collapse: We do not need currency for kidnappers

Online video3:2003:20
Charlie Munger weighs in on crypto collapse: We do not need to have currency for kidnappers
Squawk Box

Berkshire Hathaway Vice Chairman Charlie Munger, a longtime cryptocurrency skeptic, reported electronic currencies are a destructive combination of fraud and delusion.

“This is a pretty, quite lousy factor. The country did not need to have a currency that was very good for kidnappers,” Munger stated in an job interview with CNBC’s Becky Brief. “There are men and women who consider they have acquired to be on each and every deal that is hot. I assume that’s fully ridiculous. They you should not care no matter if it really is baby prostitution or bitcoin.”

The 98-year-outdated investor’s comment came soon after a wild week for the field. FTX submitted for Chapter 11 bankruptcy defense just after considerations in excess of the company’s money health and fitness resulted in a operate on the exchange and a plunge in the value of its native FTT token. Binance experienced backed out of a offer getting FTX immediately after studies of mishandled client cash and alleged U.S. governing administration investigations into FTX.

“You are viewing a lot of delusion. Partly fraud and partly delusion. That is a bad combination,” Munger reported.

The cost of bitcoin, the world’ largest cryptocurrency, has fallen extra than 60% this calendar year to trade below $17,000, according to Coin Metrics.

“Excellent ideas, carried to wretched excessive, become undesirable concepts,” Munger claimed. “Nobody’s gonna say I acquired some s*** that I want to promote you. They say – it truly is blockchain!”

Pay attention to the whole job interview with Munger on the Squawk Pod podcast.



Supply

Stocks making the biggest moves premarket: Delta Air Lines, WK Kellogg, PTC, AMD and more
Finance

Stocks making the biggest moves premarket: Delta Air Lines, WK Kellogg, PTC, AMD and more

Check out the companies making headlines in premarket trading. Delta Air Lines — Shares advanced nearly 12% before the opening bell after the airline reinstated its 2025 profit outlook , and second-quarter revenue and net income exceeded analyst estimates. Brazilian stocks — The iShares MSCI Brazil ETF (EWZ) dropped nearly 2% premarket after President Donald […]

Read More
Photos show Altman, Iger and Cook arrive at ‘summer camp for billionaires’ in Sun Valley
Finance

Photos show Altman, Iger and Cook arrive at ‘summer camp for billionaires’ in Sun Valley

Key Points Top executives from tech, media and finance gathered in Sun Valley, Idaho, for Allen & Co.’s annual conference this week. The gathering is often referred to as “summer camp for billionaires.” Apple CEO Tim Cook, Walmart CEO Doug McMillon, Disney CEO Bob Iger and OpenAI CEO Sam Altman were pictured entering the lodge. […]

Read More
Trump’s next Fed chair pick already comes with a credibility problem
Finance

Trump’s next Fed chair pick already comes with a credibility problem

Key Points The next Fed chair faces an additional burden: credibility issues now that President Donald Trump has stepped up efforts to exert a heavy hand on monetary policy. Trump reportedly is considering naming a “shadow chair” until the current occupant, Jerome Powell, leaves office next year, in an attempt to pressure the Fed into […]

Read More