Nov 17, 2022 09:53 UTC
Nov 17, 2022 at 09:53 UTC
Berkshire’s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla’s Success a Miracle
Berkshire Hathaway president Charlie Munger, Warren Buffett’s man Friday, has commented on the collapse of crypto exchange FTX, stating that “it is part fraud and part delusion.” Noting that “the country failed to want a currency that’s sensible for kidnappers,” he stressed: “I primarily just like the existence of the Fed … I hate bitcoin promoters.” He jointly affirmed that Tesla’s success may be a “minor miracle.”
Berkshire’s Charlie Munger on Bitcoin, FTX Collapse, the Fed, Tesla, and Elon Musk
Charlie Munger, Warren Buffett’s man Friday and old business partner, has created recent comments concerning bitcoin and also the collapse of crypto exchange FTX.
“It pains American state that in my very own country, I see folks that were once considered terribly honored individuals serving to this stuff exist,” the 98-year-old Berkshire Hathaway president aforesaid, adding:
“This is a very bad thing. The country did not need a currency that’s good for kidnappers and so on.”
He noted that it depresses him that some individuals assume “they gotta get on each deal that’s hot and that they don’t care whether or not it’s kid harlotry or bitcoin.”
He continued: “If it’s hot, they need to get on it. I believe that’s completely crazy. name is extremely useful in money life and to destroy your name by associating with scum balls and scum ball promotions, it’s a large mistake.”
When asked concerning whether or not the businesses that invested with in FTX did any due diligence, Munger said:
You’re seeing tons of delusion. It’s part fraud and part delusion. That’s a nasty combination. I don’t like either fraud or delusion and also the delusion perhaps a lot more extreme than the fraud.
“Nobody’s reaching to be in a very new issue that each 12-year-old child is a rich person or one thing,” he delineated, adding that he will simply produce a coin, decide it is a Munger coin, and begin commercializing it. “It’s crazy, it’s unbalanced.”
Munger conjointly said:
I primarily just like the existence of the Fed. I believe in a very world of fiat currencies, we’d like wise central banks … Thus by and large, I prefer central bankers, and by and huge I hate bitcoin promoters.
The Berkshire Hathaway president has ne’er been an admirer of bitcoin or crypto. He antecedently referred to bitcoin as “rat poison” and “contrary to the interest of civilization.” He even compared cryptocurrency to contagious disease. In July, he advised: “I simply avoid it as if it were an open sewer, choked with malicious organisms. I simply completely avoided and counseled everyone else to follow my example.” The Berkshire Hathaway government believes that governments ought to ban bitcoin.
Munger conjointly shared his opinion concerning Tesla and its business executive Elon Musk. He said:
I was definitely shocked that Tesla did further because it did, however I don’t equate Tesla with bitcoin.
“Tesla has created some real contributions to the present civilization. Elon Musk has done some good things that people couldn’t do … we have a tendency to haven’t had a flourishing new company in a very long, long time, however what Tesla has exhausted the automobile business may be a minor miracle,” he opined.