MUNGER ON BITCOIN: 'The more popular it got, the more I hated it.'
Thomson Reuters
- Charlie Munger, the 94-year-old vice chairman at Berkshire Hathaway, ripped into bitcoin on Wednesday.
- "I detested it the minute it had been raised," he said.
Berkshire Hathaway's Charlie Munger just ripped into bitcoin.
The 94-year-old vice chairman at Warren Buffett's Berkshire Hathaway referred to bitcoin as a "noxious poison" Wednesday during a shareholder meeting for the Daily Journal, a publishing firm for which Munger serves as chairman and director.
"I never considered for one second having anything to do with [bitcoin]," Munger said, according to a report by Yahoo Finance's Julia La Roche. "I detested it the minute it had been raised. The more popular it got, the more I hated it."
Munger thinks the government needs to step up its game when it comes to regulating the cryptocurrency.
"Our more relaxed approach is wrong," he said. "The right answer is to step on it hard. It's the government's job."
During a hearing on Capitol Hill earlier this month, J. Christopher Giancarlo, the chairman of the Commodities Futures Trading Commission, said the agency would take a "do no harm" approach to cryptocurrencies to spur innovation in the nascent market.
"I believe that 'do no harm' is the right overarching approach for distributed ledger technology," Giancarlo said. "With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity."
As for Munger, the cryptocurrency reflects the idea that "everyone wants easy money" more than it does human ingenuity.
Get the latest Bitcoin price here.>>
The Bitcoin 101 Report by the Business Insider Intelligence Research Team.
Get the Report Now »
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas