Billionaire Charlie Munger says ‘bitcoin is noxious poison’
It’s safe to say that billionaire Charlie Munger is no fan of bitcoin.
“I never considered for one second having anything to do with [bitcoin]. I detested it the minute it had been raised. The more popular it got, the more I hated it. . . . Bitcoin is noxious poison.” Charlie Munger
The 94-year-old Munger, who is vice chairman of Warren Buffet’s Berkshire Hathaway Inc. BRK.B, +1.29% , made his comments Wednesday in Los Angeles while speaking at the annual shareholders meeting for Daily Journal Corp. DJCO, +0.55% , according to reports by CNBC and Yahoo Finance.
“It’s just disgusting that people have been taken in by this,” he said of bitcoin, complaining that “everyone wants easy money.”
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Munger said cryptocurrencies need more regulation, and that the U.S. should be more like China in that regard. “Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.”
Also see: Bitcoin may not be done collapsing, but it has bounced back from worse
Bitcoin prices rallied above the $9,000 mark Wednesday, an 11-day high following a selloff in late January and early February that sent prices tumbling toward $7,000, a far cry from its record above $19,000 in late December. Bitcoin BTCUSD, +2.10% is down 18% in the past month, and 34% year to date. Still, it’s up 816% over the past year.