Charlie Munger: Bitcoin is 'poison' and the government needs to 'step on it hard'

Reporter
Yahoo Finance

Berkshire Hathaway’s (BRK-ABRK-B) vice chairman, Charlie Munger, ripped into bitcoin.

“I never considered for one second having anything to do with [bitcoin],” Munger, 94, spoke at the Daily Journal’s (DJCO) annual meeting in Los Angeles. “I detested it the minute it had been raised. The more popular it got, the more I hated it.”

He said that “everyone wants easy money.” He added that he “hopes to god” his family doesn’t grow up buying things like bitcoin.

Jonathan Alcorn | Bloomberg | Getty Images
Jonathan Alcorn | Bloomberg | Getty Images

“It’s just disgusting that people have been taken in by this,” he said.

Munger thinks that there’s a future where a different payment system could happen, pointing to China’s WeChat as an example.

Describing bitcoin as a “noxious poison,” he called for more regulation.

“Our more relaxed approach is wrong. The right answer is to step on it hard. It’s the government’s job.”

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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