Charlie Munger: It is insane to create a currency overnight that turns a 12-year-old child into a billionaire

ChainCatcher message, Berkshire Hathaway Vice Chairman Charlie Munger discussed the bankruptcy of FTX in an interview with CNBC, stating: "It is painful to see those prominent people in our country helping such things to exist. This is a very, very bad thing, and this country does not need a currency that benefits kidnappers. Some people feel they must participate in every hot trade, which is completely insane; they don't care whether it's a crime or Bitcoin. Reputation is a very useful thing, and it is a huge mistake to ruin one's reputation to help promote these scams."

Charlie Munger stated that it is crazy for someone to be able to create a new currency overnight that can turn a 12-year-old child into a billionaire. The novelty of digital currency means that regulators failed to recognize its dangers, and the U.S. government did not ban digital currency early on. (source link)