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.
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.”
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.