Warren Buffett’s “lieutenant” attacks cryptocurrencies

Berkshire Hathaway’s Charlie Munger attacked the digital asset space with vigor in light of the recent failure of the cryptocurrency exchange at FTX.

- Advertisement -

“This is partly a scam and partly a distraction,” noted Munger, Berkshire Hathaway’s vice chairman of the board, speaking to the CNBC network on Tuesday. “This is a bad combination. I don’t like the shenanigans, nor do I like the sideshow. And parachuting can end up much more extreme than fraud.”

The 98-year-old billionaire is a traditional critic of Bitcoin, which he has called a “stupid and vicious” project. He has also previously called for a ban on cryptocurrencies.

The demise of FTX has shaken up the crypto industry, leaving a power vacuum in the industry at a time when regulators are considering ways to oversee it. FTX Group has announced that its bankruptcy affects over 1 million creditors.

Warren Buffett’s “lieutenant” was interviewed after news broke that Berkshire Hathaway had bought a $5 billion stake in Taiwan Semiconductor Manufacturing, showing confidence in the future of cutting-edge technologies despite the fact that semiconductor (chip) manufacturers are experiencing a bad year due to the global economic malaise.

Previous Articles:

- Advertisement -

Latest News

Amber International Raises $25.5M to Grow $100M Crypto Reserve Fund

Amber International Holding raised $25.5 million in a private placement to expand its $100...

Traders Flock to Hyperliquid Apps Amid Hopes for Airdrop Rewards

Investors are moving millions into projects on the Hyperliquid blockchain in hopes of future...

Bank of Russia Rules Out Cryptocurrency Investments, Cites Risks

The Bank of Russia will not invest in cryptocurrencies.The central bank sees cryptocurrencies as...

Saylor Sets Sights on Making MicroStrategy a Leading Bitcoin Bank

MicroStrategy aims to become a major Bitcoin-backed bank, following early predictions from Hal Finney.Founder...

Senator Lummis Unveils Crypto Tax Bill With $300 Exemption Limit

Senator Cynthia Lummis introduced a bill to give U.S. crypto users new tax benefits.The...

Must Read

Top 5 Testing Tools For Blockchain Applications in 2022

Blockchain apps have been adopted popularly by some prominent industries due to its being a decentralized-designed technology. Furthermore, these apps eliminate the risks that...