Investment Chief of Warren Buffett: Bitcoin is ‘Noxious Poison’

Bitcoin is going towards the $10,000 mark again, despite the comments made by Charles Munger, a US billionaire, who said that the digital currency was a “noxious poison.”

Munger is the vice-chairman of Berkshire Hathaway, the investment firm of Warren Buffett. He said that he considered the craze on bitcoin to be “totally insane.”

On Wednesday, while talking at the annual meeting of the Daily Journal, a US publishing firm which he chairs, that was held in Los Angeles, Munger 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.”

The cryptocurrency is heading towards $10,000, a level that it has not seen since the 1st of February. Earlier on Thursday, it reached $9,977 and is currently trading at approximately $9,580, up by almost 1 percent.

He requested for a crackdown by the government on the cryptocurrency, just like the one in China, stating: “Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.”

Last month, Bitcoin dropped to below $6,000 when China heightened its clampdown on the trading of cryptocurrencies, reportedly targeting mobile apps and online platforms. The Chinese state media reported that the government was aiming to stamp out the remaining cryptocurrency trading in the country after its crackdown in 2017 when Beijing closed down bitcoin exchanges and banned all the initial coin offerings.

Vladimir Putin, the President of Russia, also signaled a crackdown.