Home » Charlie Munger Calls Out Crypto Fraud, Praises Elon Musk and Tesla

Charlie Munger Calls Out Crypto Fraud, Praises Elon Musk and Tesla

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  • Charlie Munger has preyed on cryptocurrency by stating that fraud and delusions are common in the cryptocurrency industry.
  • Warren Buffett’s business partner said regulators overlooked the risks of cryptocurrencies and should have banned them.
  • Munger also compared the Fed to the Bank of Japan and praised Elon Musk and Tesla.

Warren Buffett’s business partners have re-entered cryptocurrencies, declaring the field rife with fraud and delusion, and regulators dropping the ball by not outlawing bitcoin and other digital assets. .

Billionaire Investor and Buffett Vice Chairman Charlie Munger Berkshire Hathawayalso suggests that the Federal Reserve is much less aggressive than the Bank of Japan.

this is manga told CNBC In an interview that aired on Tuesday. A few days after Sam Bankman-Fried’s digital asset exchange FTX, he said: filing for bankruptcy:

“It’s a bad mix,” Munger said of the cryptocurrency industry. “People think this is a real asset, but it’s not a real asset,” he added of the coin itself.

A 98-year-old investor lamented the growing acceptance of cryptocurrencies by Wall Street banks and hedge funds, suggesting that financiers are embracing the latest fad.

“It breaks my heart to see people who were once considered very reputable people in my country supporting these beings,” he said. “Some people think that you must participate in the deal that is being talked about.”

Munger added that it was “crazy” and “crazy” to think that someone could issue a new token that could turn a 12-year-old token into $1 billion overnight.

Buffett’s right-hand man also suggested that the novelty of cryptocurrencies means regulators haven’t caught on to their dangers. He criticized the authorities for not banning cryptocurrencies early on.

“The red flags are very clear,” he said. “Things like this should never have been allowed.”

Munger previously referred to ciphers as “venereal disease” When “open the sewer” he said nobody wants In space to marry his family.

Fed, Elon Musk, Tesla

The world needs a capable central bank, but the Fed is “a rat that does very little” compared to the Bank of Japan, Munger said.

“If they got into trouble like Japan got into, of course they would do the same thing,” he said. Japan’s central bank has cut interest rates below zero in an attempt to support economic growth in recent years.

Munger also said he was surprised by Tesla’s huge success and felt much more positive about Elon Musk’s company than Bitcoin.

“Tesla has made some real contributions to civilization,” he said. “Elon Musk did some good things others couldn’t do.”

“For a long time there hasn’t been a successful new car company,” added Munger. “What Tesla has done in the auto industry is a small miracle.”

Musk thanked investors for his praise. tweet on tuesday“I greatly appreciate Mr. Munger’s words,” he said.

US-China relations

Munger stressed the value of friendly relations between the United States and China, arguing that the United States should not be so threatened by the rise of world powers.

U.S. purchases of Chinese imports have helped the country grow and helped lift more than a billion people out of poverty, he said. A warm relationship between the two countries should be mutually beneficial, and the US should focus on keeping things amicable and doing win-win deals instead of fearing China’s progress, he said. continued.

“Why should a great civilization like ours care about new civilizations rising?” Munger asked. “It’s always wrong to envy people who are doing well.”

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