Billionaire vice-chair of Berkshire Hathaway, Charles Munger has called for a crackdown on ‘asinine’ cryptocurrency.
Bitcoin is heading towards $10,000 again, despite comments from Charles Munger who described the digital currency as “noxious poison”.
During a two-hour question-and-answer session Wednesday at US publishing firm Daily Journal's shareholder meeting in Los Angeles, the vice chairman of Berkshire Hathaway and longtime sidekick to Warren Buffett said, “I never considered for one second having anything to do with it. I detested it the moment it was raised. It’s just disgusting. Bitcoin is noxious poison.”
Bitcoin is rising towards $10,000, a level it has not seen since 1 February. It hit $9,977 earlier on Thursday and is now trading at around $9,580, up nearly 1%.
Munger called for a government crackdown on the cryptocurrency, similar to the one in China, saying: “Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.”
Bitcoin tumbled last month to below $6,000 when China stepped up its clampdown on cryptocurrency trading, reportedly targeting online platforms and mobile apps. Chinese state media reported that the government was planning to stamp out remaining cryptocurrency trading in the country following its crackdown last year, when Beijing shut down bitcoin exchanges and banned all initial coin offerings.
Russia’s president, Vladimir Putin, also signalled a crackdown.