{"id":14553,"date":"2022-11-17T03:43:46","date_gmt":"2022-11-17T03:43:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/berkshires-charlie-munger-likes-the-fed-hates-bitcoin-promoters-calls-teslas-success-a-miracle-featured-bitcoin-news\/"},"modified":"2022-11-17T03:43:46","modified_gmt":"2022-11-17T03:43:46","slug":"berkshires-charlie-munger-likes-the-fed-hates-bitcoin-promoters-calls-teslas-success-a-miracle-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/berkshires-charlie-munger-likes-the-fed-hates-bitcoin-promoters-calls-teslas-success-a-miracle-featured-bitcoin-news\/","title":{"rendered":"Berkshire’s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla’s Success a Miracle \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett\u2019s right-hand man, has commented on the collapse of crypto exchange FTX, stating that \u201cit is partly fraud and party delusion.\u201d Noting that \u201cthe country did not need a currency that\u2019s good for kidnappers,\u201d he stressed: \u201cI basically like the existence of the Fed \u2026 I hate bitcoin promoters.\u201d He also said that Tesla\u2019s success is a \u201cminor miracle.\u201d<\/strong><\/p>\n

Berkshire\u2019s Charlie Munger on Bitcoin, FTX Collapse, the Fed, Tesla, and Elon Musk<\/h2>\n

Charlie Munger, Warren Buffett\u2019s right-hand man and longtime business partner, has made fresh comments about bitcoin and the collapse of crypto exchange FTX.<\/p>\n

\u201cIt pains me that in my own country, I see people that were once regarded as very reputable people helping these things exist,\u201d the 98-year-old Berkshire Hathaway vice chairman said, adding:<\/p>\n

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This is a very very bad thing. The country did not need a currency that\u2019s good for kidnappers and so on.<\/p>\n<\/blockquote>\n

He noted that it depresses him that some people think \u201cthey gotta be on every deal that\u2019s hot and they don\u2019t care whether it\u2019s child prostitution or bitcoin.\u201d<\/p>\n

He continued: \u201cIf it\u2019s hot, they want to be on it. I think that\u2019s totally crazy. Reputation is very helpful in financial life and to destroy your reputation by associating with scum balls and scum ball promotions, it\u2019s a huge mistake.\u201d<\/p>\n

When asked about whether the companies that invested in FTX did any due diligence, Munger said:<\/p>\n

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You\u2019re seeing a lot of delusion. It\u2019s partly fraud and partly delusion. That\u2019s a bad combination. I don\u2019t like either fraud or delusion and the delusion maybe more extreme than the fraud.<\/p>\n<\/blockquote>\n

\u201cNobody\u2019s going to be in a new thing that every 12-year-old kid can be a billionaire or something,\u201d he described, adding that he can just create a coin, call it a Munger coin, and start trading it. \u201cIt\u2019s crazy, it\u2019s demented.\u201d<\/p>\n

Munger also said:<\/p>\n

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I basically like the existence of the Fed. I think in a world of fiat currencies, we need wise central banks \u2026 So by and large, I like central bankers, and by and large I hate bitcoin promoters.<\/p>\n<\/blockquote>\n

The Berkshire Hathaway vice chairman has never been a fan of bitcoin or crypto. He previously called bitcoin \u201crat poison\u201d and \u201ccontrary<\/a> to the interest of civilization.\u201d He even compared the cryptocurrency to venereal disease<\/a>. In July, he advised<\/a>: \u201cI just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example.\u201d The Berkshire Hathaway executive believes that governments should ban<\/a> bitcoin.<\/p>\n

Munger also shared his opinion about Tesla and its CEO Elon Musk. He said:<\/p>\n

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I was certainly surprised that Tesla did as well as it did, but I do not equate Tesla with bitcoin.<\/p>\n<\/blockquote>\n

\u201cTesla has made some real contributions to this civilization. Elon Musk has done some good things that other people couldn\u2019t do \u2026 We haven\u2019t had a successful new auto company in a long, long time, but what Tesla has done in the car business is a minor miracle,\u201d he opined.<\/p>\n

What do you think about the comments by Berkshire Vice Chair Charlie Munger about bitcoin, FTX\u2019s failure, and Tesla? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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