Charlie Munger, the vice president of Berkshire Hathaway, talked about the failure of the FTX cryptocurrency exchange, bitcoin, Elon Musk’s achievements, and the role of central banks in the financial system.

Charlie Munger, an American economist who is 98 years old, talked about the FTX trading platform. He said it was a scam and that politicians were helping it trick people. He said it hurts him to see respectable people promote cryptocurrencies and help them exist.

Munger said that the country doesn’t need a currency that is good for thieves, crooks, and other types of criminals.

He was shocked that anyone as young as 12 could now use cryptocurrencies to become a billionaire. Munger said that he, too, could make a token by adding his last name to the name of the token. From the economist’s point of view, this makes no sense at all.

“Some people feel like they have to be in on every good deal. They don’t care if it’s bitcoin or child prostitution. And that makes me sad. In the financial world, reputation is very important, so it’s a big mistake to hang out with scumbags and promote their products. Munger said, “I hate people who promote bitcoin.”

He also said that the U.S. Federal Reserve (Fed) is an important part of the financial sector. Because of this, the world of fiat currencies has to have smart regulators, like central banks.

Munger also said what he thought about Elon Musk, the CEO of Tesla:

“I’m surprised by what Tesla has done. By making a miracle happen, the company has made a real contribution to our society. Elon Musk has done things that other people haven’t been able to do. But I don’t think of Tesla and bitcoin as being the same thing,” said the vice chairman of Berkshire Hathaway.

Munger has never liked bitcoin, and he has always told people not to invest in bitcoin or other cryptocurrencies. Earlier, he said that bitcoin was like an STD and asked the U.S. government to stop letting people invest in crypto-assets.

https://altcoin.ng/charlie-munger-i-hate-those-who-promote-bitcoin/