In an interview crypto critic, Charlie Munger compares cryptocurrency with child prostitution. He said “This is a very, very bad thing. The country did not need a currency that was good for kidnappers.” In addition to this, he said “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.” Berkshire Hathaway’s Vice chairman stated cryptocurrency is a combination of partly fraud and partly delusion. Munger said “You are seeing a lot of delusions. Partly fraud and partly delusion. That’s a bad combination.”

While talking about the crypto scheme Munger said that to imagine that someone can create a new token that can instantly turn a 12-year-old into a billionaire is “crazy” and “demented.” Buffett’s right-hand man added that regulators have not recognised the risks of cryptocurrency because of its novelty. He blamed the government for not outlawing cryptocurrency sooner.