BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

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

BlockNews Team by BlockNews Team
November 21, 2022
in Crypto, Media, Social
charlie munger crypto
Share on TwitterShare on Reddit

Right hand of Warren Buffett believes there is too much deception and fraud in the bitcoin industry.

Charlie Munger, a longstanding associate of Warren Buffett, vice chairman of Berkshire Hathaway, and critic of Bitcoin, has once more lashed out against the cryptocurrency. In a recent interview, the executive dismissed bitcoin’s potential as a medium of exchange.

American billionaire investor Charlie Munger repeated his disapproval of the cryptocurrency market, claiming that bitcoin encourages kidnappings, child prostitution, and other illicit activities. He also said that a “bad combination” of deception and delusion led to the FTX accident.

Munger’s Latest Comments

One of the industry’s most controversial aspects is Charlie Munger. In a recent interview with CNBC, he emphasized his stance, saying bitcoin is appropriate for criminals and detrimental to the USA: “This is a very, very horrible thing. The nation didn’t require a currency that was valuable to kidnappers. Some individuals believe they must participate in every hot trade. I find that to be completely absurd. Whether it involves child prostitution or bitcoin, they don’t care.”

But according to numerous estimates, cash is still the most widely used financial tool in illegal activities like prostitution, drug sales, extortion, and many others. As a result of its open-source blockchain technology, Bitcoin is a lousy tool for criminals.

The 98-year-old American also offered his opinion on FTX’s most recent demise. Although he believes that the industry is full of con artists, he also believes that most participants are deluded and do not recognize the truth. When good intentions are taken too far, they turn into harmful intentions. Nobody will approach you and offer to sell you something. They claim that blockchain is responsible, Munger warned.

His Previous Warnings

Bitcoin will never become “the medium of trade for the globe,” according to the millionaire in 2021. The only positive thing he seemed to have ever said about the asset was when he called the main cryptocurrency the “artificial alternative for gold.” He clarified, “because I never buy any gold, I never buy any bitcoin.”

In December 2021, Munger expressed his wish that digital assets had never existed. He also agreed with China’s decision to officially ban the asset class, lamenting the “wrong decision” taken by his country.

This year, he claimed that exploring bitcoin and altcoins is like “investments in nothing” and that doing so requires being “nearly insane.” He said, “I avoid it like it was a sludge-filled open sewer. I just completely ignore and advise everyone to follow my lead.”

Promoting BTC on Twitter is Wrong

The CEO of the European financial business Klarna, Sebastian Siemiatkowski, remarked on the social media promotional messages about BTC in another conversation that linked bitcoin and Tesla. Although he thinks cryptocurrencies are an “interesting technology,” he finds Elon Musk, the CEO of Tesla, updating his Twitter bio to include Bitcoin or other comparable projects to be “very” unsettling.

Siemiatkowski said, “When I look up bitcoin on Twitter, I see messages like, ‘Buy now, or you’re going to miss the best opportunity of your life.’ I would receive a punishment or possibly go to jail if I took Klarna stock and advertised it using similar language. Why regulators aren’t going after these things surprises me.”

Due to Tesla’s $1.5 billion investment in Bitcoin, several traditional media sites have been able to analyze the relationship between the two and make comparisons based on their respective performances.

Conclusion

Munger concluded that “Oscar Wilde’s remarks about fox hunting makes me think of bitcoin. He claimed it was the unspeakable pursuing the unthinkable.

Tags: Berkshire HathawayBitcoinCharlie Mungercrypto
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Nasdaq Billboard in times square
Crypto

SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January

September 28, 2023
HTX Logo
Business

HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds

September 28, 2023
Eth Logo overlooking Earth
Business

Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain

September 28, 2023
Kucoin Logo with Digital Background
Business

KuCoin Crypto Exchange Breaks 30M Users as the Exchange Celebrates its 6th Anniversary

September 28, 2023
Binance Logo with Red Market Charts
Business

Binance Fully Exits Russia, Sells Business to CommEX

September 28, 2023
Bitcoin Ordinals Text with some NFTs on top
Crypto

Bitcoin Ordinals Visionary Proposes Fresh Token Protocol as BRC-20 Alternative

September 28, 2023
Load More
Next Post
Metaplex-Logo

Following the Demise of FTX, Metaplex has Announced Layoffs

Shell-Gas-Stations

Shell Going Full Power Into Bitcoin

NEXO-Logo

Crypto Lender, Nexo, Is Being Sued By Three Investors In London

Related News

Binance P2P

Binance Releases New P2P Risk Alerts Feature to Enhance User Security

August 21, 2023
BNB-Token

BNB Plummets as Binance Auditor Mazars Halts Work With All Crypto Firms

December 17, 2022
Magic-Eden-Logo

What Happened in Crypto Twitter Last Week: Hyperspace Throws Accusation at Magic Eden

October 3, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January September 28, 2023
  • HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds September 28, 2023
  • Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain September 28, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?