August 24, 2019, 12:48

‘Disgusting, Noxious Poison’: Buffet’s Right-Hand Man Pours Scorn on Bitcoin

‘Disgusting, Noxious Poison’: Buffet’s Right-Hand Man Pours Scorn on Bitcoin

‘Disgusting, Noxious Poison’: Buffet’s Right-Hand Man Pours Scorn on Bitcoin
Sputnik/ Evgeny BiyatovNews19:58 16.02.2018(updated 19:59 16.02.2018) Get short URL

Just a month after Berkshire Hathaway CEO Warren Buffet expressed his doubts over digital currencies, his number two in the company weighed in on the debate with similar comments.

“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,” Charles Munger, vice-chairman of the company reportedly said.

Munger, paying little attention to Bitcoin’s current market value and its long-term perspectives, believes that the government should oversee a massive crackdown on cryptocurrencies, similar to one the Chinese authorities have undertaken.

“Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard,” he said.

In January, China introduced a string of additional regulations to crush the mining industry, prompting China’s bitcoin mining giants to branch out to open new facilities abroad — in Iceland, Canada, the US and elsewhere.

READ MORE: Coinbase Attempts to Fix the Error That ‘Drained’ Clients Bank Accounts

As of a leaked January 2 memo from the ‘Leading Group of Internet Financial Risks Remediation’, the country’s internet finance regulator which conducted the clampdown on bitcoin — bitcoin miners should make an “orderly exit” from China since they have consumed “huge amounts of resources and stoked speculation of virtual currencies.”

READ MORE: ‘American Intelligence’ Project Bitcoin Could Fall to $300 — Russian Lawmaker

To say adieu to the miners, the group asked its local reps to look into policies around price, tax, land usage and environmental concerns, most prominently, energy consumption issues.


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