Reported by: Joshua Fineman

98-year old billionaire Charlie Munger, a long time critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX.

“You are seeing a lot of delusion,” Munger, vice chairman of Berkshire Hathaway (NYSE:BRK.B), said in a CNBC interview.“Partly fraud and partly delusion. That’s a bad combination.”

Bahamas-headquartered FTX filed for Chapter 11 bankruptcy on November 11 after traders rushed to withdraw billions of dollars from the platform in the wake of its multi-billion dollar shortfall.

“This is a very, very bad thing,” Munger said. “The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.”

Read full report: https://seekingalpha.com/news/3908028-billionaire-charlie-munger-calls-crypto-combination-of-fraud-and-delusion