Charlie Munger slams cryptocurrencies as kidnapper money

Charlie Munger shared his opinion against the cryptocurrency circulation in the country and noted that it is money used by bad actors in illegal activities.

Crypto adoption is surging rapidly. On one side Crypto assets provide chances to make money in a few years, on the other side the technology of cryptocurrencies can provide better core technology to the traditional payment systems. But a bitter thing with cryptocurrencies is their anonymous & Decentralised nature, which can be used as an illegal tool by bad actors.

On 15 November, In an interview with CNBC, Berkshire Hathaway investor Charlie Munger criticized cryptocurrencies badly by taking the consideration of the FTX liquidity crisis & its Bankruptcy proceedings.

Munger said that it is disappointing for him that many respected people are helping to promote & push the adoption of cryptocurrencies despite these currencies can be used in illegal activities like kidnapping & other illegal activities. Further, he said that the country doesn’t need that kind of currency, which helps kidnappers & other unfair activities. 

Berkshire Hathaway investors also slammed those people who are supporting the crypto sector as a hot matter. He said that if cryptocurrencies are hot and peoples like to support then surely these people are indirectly supporting child prostitution.

“People who think that they just have to be on every hot deal. And they don’t care whether it’s child prostitution or Bitcoin. If it’s hot, they want to be in on it.”

According to Munger, reputation is a good thing for financial lives but these people are doing mistakes by getting involved in cryptocurrencies which are not more than a part of scams. 

In the end, Munger said that crypto-supportive people usually misguide people by claiming that a 12-year-old kid could become a billionaire, which is really a very crazy.

Read also: Coinbase CEO sells more than one million worth of shares