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Berkshire Hathaway Inc (NYSE:BRK-A)(NYSE:BRK-B) Vice Chairman Charlie Mungeron destroyed cryptocurrencies on Tuesday (November 15th) following the FTX fallout.
“That’s a very, very bad thing. The country didn’t need a currency that was good for kidnappers,” Munger said in an interview on CNBC’s “Squawk Box.”
What to know: Munger, Warren Buffett’s right-hand man, has long opposed Bitcoin BTC/USD and other digital currencies. His comments come as the entire crypto industry is in jeopardy.
Related Link: Want to Invest Like Warren Buffett? All the moves the billionaire made in the last quarter
FTX, related trading firm Alameda Research and approximately 130 affiliates filed for Chapter 11 bankruptcy in early November following the collapse of the FTX token FTT/USD and the collapse of Sam Bankman-Fried .
Speculation around FTX began around the beginning of the month following reports that a significant portion of Alameda Research’s balance sheet was made up of FTT. The token plunged as the crypto market worried about FTX’s liquidity.
Rival exchange Binance then agreed to acquire FTX before pulling out of the deal soon after, citing “the company’s due diligence, as well as the latest reports regarding mismanaged client funds and investigations alleged US agencies”.
“I see people who were once considered very reputable people helping these things exist,” Munger said.
“There are people who think you have to be hot anyway, and they don’t care if it’s child prostitution or bitcoin.”
Why it matters: FTX decay is widespread and the entire crypto industry is seen as a bottle of hemlock, don’t drink me.
Munger noted that Rome took a long time to decline from its peak and suggested the same could happen to other civilizations. All the people who promote Bitcoin are promoting the decline of civilization, he added.
“You see a lot of illusions. It’s part fraud and part illusion. It’s a bad combination,” Munger said.
Originally published November 15, 2022
Photo: Created with an image by Nick Webbon flickr
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