Addressing at the annual conference of the US publishing firm Daily Journal, which he chairs, in Los Angeles on Wednesday, Munger said: “I never contemplated for one second having anything to do with it. I detested it from the instant it was purposed. It’s just disgusting. Bitcoin is a deadly poison.”
Bitcoin is surging towards $10,000, a level it has not seen since 1st February. It first touched $9,977 on Thursday and is presently trading at $9,580, up nearly 1%.
Charles Munger called for a government crackdown on the cryptocurrency, similar to the one in China, saying: “Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it real hard.”
Bitcoin dipped last month to below $6,000 when China stepped up its clampdown on cryptocurrency trading, as it reportedly targeted online platforms and mobile apps. Chinese state media reported that the government was planning to stamp out the remaining cryptocurrency trading in the country following its crackdown last year when Beijing shut down bitcoin exchanges and banned all initial coin offerings.
Russia’s president, Vladimir Putin, has also signaled a crackdown.