Charlie Munger, a billionaire investor who was also a longtime deputy to Warren Buffett, has called on the US Government to destroy Bitcoin because it is a “noxious poison.”
The Chairman of the Daily Journal Corporation was highly critical of digital currencies during a question-and-answer session Wednesday at the publishing company’s annual shareholder meeting.
“I regard the Bitcoin craze as totally asinine,” Munger said in response to a question.
In the view of the Vice Chairman of Berkshire Hathaway, the overwhelming interest shown by investors in cryptocurrency is a silly thing “because everybody wants easy money”.
“It’s just disgusting that people are taken in by something like this.”
He also condemned the US government’s lax approach to the crypto craze, and called for a crackdown.
The technology that drives bitcoin might be interesting, but the investing frenzy that the world witnessed last year should have prompted a government crackdown like the one in China, according to the 93-year old media mogul.
Despite increased scrutiny and regulation across the globe, the price of bitcoin has soared 1200 percent since the start of 2017.
Bitcoin is showing signs of recovery after the word’s most popular cryptocurrency plunged from its peak of $19,500 in December to below $6,000 last week, losing two-third of its value.
The digital coin is fast approaching the $10000 mark. Thursday, Bitcoin rose as high as $9961.