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Bitcoin Should be Destroyed, Cries an Investor

Samantha Mitchell

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Bitcoin

An investor claiming that Cryptocurrencies are a poison to the economy has called on the government of United States of America to destroy them. According to Charles Munger, a billionaire who at one time became the deputy to Warren Buffet, Bitcoin Cryptocurrency should be destroyed, and an immediate clampdown on the whole industry launched.

While addressing a crowd in the downtown area of Los Angeles, the 94-year old Daily Journal Corporation current chairperson threw more critics to the operations of the cryptocurrency. In fact, he described the growing interest in virtual currencies as stupid when an eager listener sought his views on the same.

Noxious Poison

In his own words, Mr. Charles Munger regarded the current Bitcoin insane as entirely asinine. The billionaire businessman also went ahead to use the words, “noxious poison” to describe the current craze in the digital currency.

Over the past one year, popular Cryptocurrencies such as Bitcoin, Ethereum, and Ripple have grown in popularity. Bitcoin, for instance, has seen its value go up by more than 1,500 % to come down to just under 15,000 Euros. Whereas the value of Bitcoin has since come down to just under 7,000 Euros, its price is still much higher than it was at the beginning of 2017.

The Government Should Take Action

While continuing with his scathing attacks on the operations of the virtual currencies, Mr. Charles Munger stated that he is not surprised of how people can do certain stupid things just to acquire quick money, referring to Cryptocurrency trade as one of them {stupid things}. He said that the lax approach that the government of United States of America has taken on these digital coins is worrying.

Stepping on it hard was the right action he thinks the government should undertake on the operations of Cryptocurrency. Just barely a year ago, many capitalists and businesspeople questioned how the virtual coins were going to attain long-term viability. In an effort of making the digital currency more reliable and offering protection to investors all over, several countries have been trying to look for ways of regulating the Cryptocurrency trading.

Call for More Strategies

According to the Central Bank Governors of Germany and France, one of the agendas that should be discussed at the G20 Summit to be held in March 2018 should be the Cryptocurrencies’ policy and monetary implications. They have called up global leaders to devise strategies that can be used for the digital asset.

At the moment, there are particular countries, especially from the Asian continent, that have begun to act in ensuring that the regulation commences. Just a month ago, South Korea came up with several measures that were aimed at ensuring that the trading of Bitcoin and other sector leaders like Ethereum and Ripple were introduced.

South Korea, which is a force to reckon with in the Asian market, imposed a ban on the digital currency anonymous transactions. This was done to lock out any kind of criminal acts that might be undertaken through Bitcoin and other Cryptocurrencies like Bitcoin, Ethereum, and Ripple.

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