Berkshire Hathaway’s vice chairman Charlie Munger recently weighed in on the bitcoin ‘craze’, and shared that he sees the flagship cryptocurrency as “noxious poison”. Munger, while speaking at an annual general meeting of the Daily Journal Corporation, revealed that he believes it’s “disgusting” people buy the cryptocurrency.
When asked about his thoughts on the ongoing ‘bitcoin craze’, Munger, 94, said that it should be met with a government crackdown as the government’s “lax approach” to it is wrong. Per the investment chief, the right answer to something like this is to “step on it hard”.
Munger further revealed he was never a fan of Bitcoin or other cryptocurrencies. In fact, his words may make him one of the most outspoken cryptocurrency naysayers. He stated:
“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.”
His words come at a time in which bitcoin is once again getting close to the $10,000 mark. The flagship cryptocurrency fell from nearly a $20,000 all-time high to little over $6,000 in the last few months. At press time, it is trading at $9,727.
Munger’s approach surpasses that of Berkshire Hathaway CEO and legendary investor Warren Buffett, who said cryptocurrencies are “almost certainly” going to come to a bad ending. Buffett had in the past also stated bitcoin is a “real bubble”.
Notably, when Buffett was asked whether he would consider opening a position to short the cryptocurrency, he said he wouldn’t do it as there’s no reason to do so. He justified his response by revealing he doesn’t know anything about cryptocurrencies.
Other notable bitcoin critics
Recently Bitcoin has been criticized by various well-known personalities in the financial world. These include Nobel laureates like Robert Shiller, and central bankers like Canada’s central bank chief who said bitcoin trading is “gambling,” and called for regulations.
Another well-known bitcoin critic is JP Morgan’s chief executive officer Jamie Dimon. Last year, Dimon said bitcoin was a “fraud”, which might have contributed to the market correction at that time. Once signs emerged that JP Morgan took advantage of the dip, reportedly on behalf of his clients, a market abuse report was filed against him.
Earlier this year, Jamie Dimon revealed he regrets calling the currency a fraud, although he added that he still isn’t interested in the cryptocurrency space.