Warren Buffett Investment Chief Terms Bitcoin as “Noxious Poison”

Bitcoin recent dip to $6,000 is quickly gained $10,000. However, the chief investor of Warren Buffet, Charles Munger has something negative to say about Bitcoin. He describes the bitcoin cryptocurrency as “noxious poison.”

According to him, the current trend is completely crazy, and he also considers Bitcoin, not a great investment option. He terms the craze as “totally asinine.”

During his visit to Daily Journal’s annual meeting, he added, “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.”

That’s a strong statement from an investment expert. However, Bitcoin is showing bullish trend already, and at the time of writing, Bitcoin has already crossed the historic $10,000 level already.

He also added that banks should be more hard towards regulating cryptocurrency. He also cited the example of China and how they handled the crypto craze.

“Our government’s more lax approach to it is wrong. The right answer to something like that is to step on it hard.”

These statements can mean value for the new investors as Bitcoin saw a 64% decrease from all-time high and reached $6,000. China move to ban cryptocurrency also didn’t help the market sentiments as Bitcoin crashed to new lows. They not only banned cryptocurrency mining but also banned crypto trading and ICOs.

With no FUD’s around, Bitcoin is slowly recovering.

Continuing on the same line, Russia’s president also doesn’t look positive towards cryptocurrency.

From here on, Bitcoin can either truly shine or crash to new lows. Only time can tell. Central authorities, on the other hand, is making efforts to regulate cryptocurrency. The regulations will only make things better for everyone as the exchanges will be more under control will offer services that help investors invest securely.

For now, Bitcoin and other cryptocurrencies are here to stay.

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