Bitcoin is once again within sight of $10,000, yet according to one individual the currency is ‘noxious poison.’
That person is none other than U.S. billionaire Charles Munger. He also happens to be vice-chairman of Warren Buffett’s investment firm Berkshire Hathaway, reports CNBC.
Speaking at the annual meeting of the U.S. publishing firm Daily Journal, which he chairs, in Los Angeles on Wednesday, Munger 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.
While he considers the technology behind bitcoin, the blockchain, to be interesting, he believes that the investment frenzy in the digital currency should have seen the government cracking down on it, like China.
Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.
Berkshire Hathaway CEO Warren Buffett shares a similar view to Munger. In January, he expressed the opinion that the cryptocurrency market ‘will come to a bad ending.’
Speaking on CNBC’s ‘Squawk Box,’ Buffett added by saying:
When it happens or how or anything else, I don’t know. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.
According to the CEO, he won’t take a short position on bitcoin futures.
I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.
After a tough start to 2018, it appears that the cryptocurrency market is on the rise again. Bitcoin has seen a 6.23 percent rise in 24 hours, pushing it up to $9,864. Second place ethereum is at $939, representing an increase of just under four percent in the same time.
Notably, fifth-placed litecoin has seen its value rise by an impressive 50 percent in seven days. This is reported to be due to the upcoming launch of its LitePay payment app later this month, which will enable businesses to accept litecoin payments.