Charlie Munger on crypto: “The country did not need a currency that was good for kidnappers.”
after concerns over the company's financial health resulted in a run on the exchange and a plunge in the value of its native FTT token. Binance had backed out of a deal acquiring FTX after reports of mishandled customer funds and alleged U.S. government investigations into FTX.
"You are seeing a lot of delusion. Partly fraud and partly delusion. That's a bad combination," Munger said., the world' largest cryptocurrency, has fallen more than 60% this year to trade below $17,000, according to Coin Metrics. "Good ideas, carried to wretched excess, become bad ideas," Munger said. "Nobody's gonna say I got some s*** that I want to sell you. They say – it's blockchain!"
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