“It’s a very bad thing. The country didn’t need good currency for the kidnappers,” Munger said in an interview on CNBC’s “Squawk Box.”
what to know: Munger, right hand of Warren Buffetthas been opposed for a long time Bitcoin BTC/USD and other digital currencies. His comments come as the entire crypto industry is in trouble.
FTX, related trading firm Alameda Research and approximately 130 affiliated companies filed for Chapter 11 bankruptcy in early November after the fall of ftx token ftt/usd and disclosed Sam Bankman-Fried,
Speculation about FTX began early next month reports FTT comprises a significant portion of Alameda Research’s balance sheet. The token fell as the crypto market worried about the liquidity of FTX.
Rival exchange Binance previously agreed to acquire FTX back out of the deal Shortly after, citing “Corporate Due Diligence, as well as the latest news reports about misappropriated client funds and the alleged US agency investigation”.
“I see people who were once considered very respectable people helping with these things,” Munger said.
“There are people who think you have to be involved in every deal that’s hot, and they don’t care if it’s child prostitution or bitcoin.”
why it matters: FTX decay is comprehensive and exhaustive crypto industry Looking like a bottle of hemlock— Don’t drink me
Munger notes that Rome took a long time to fall from its peak, and suggests that the same may have happened to other civilizations. He said that everyone promoting bitcoin is promoting the downfall of civilization.
“You’re seeing a lot of confusion. It’s partly fraud and partly delusion. It’s a bad combination,” Munger said.
Originally published on November 15, 2022
Photo: Created with an image from Nick Webb on flickr