This man does not like cryptocurrency, what digital money ever did to him is anyone’s guess. The 94-year-old vice chairman of Berkshire Hathaway had this to say during a shareholders meeting recently.
“I never considered for one second having anything to do with [bitcoin],”
“I detested it the minute it had been raised. The more popular it got, the more I hated it.”
This is according to Yahoo finance. In this man’s eyes, the government is not doing enough when it comes to regulating this market.
“Our more relaxed approach is wrong,”
“The right answer is to step on it hard. It’s the government’s job.”
These are sentiments he shared during a hearing on Capitol Hill earlier this month, J. Christopher Giancarlo, the chairman of the Commodities Futures Trading Commission has a slightly different view.
He said the agency would take a “do no harm” approach to cryptocurrencies to spur innovation in the young market. In Munger’s eyes , the cryptocurrency craze is not much more than a massive get rich quick parade. He seems to see no ingenuity what so ever.
“everyone wants easy money” he said.
This is a man who fears change. At he’s age , it is sort of understandable why. After many years at the top of your game , the idea of losing control can feel like moving to a new dimension. Thankfully not all the financial think tanks feel the same way.
“I believe that ‘do no harm’ is the right overarching approach for distributed ledger technology,” is whast J. Christopher Giancarlo had to say about crypto , he also went on to say, “With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity.”
This is probably what the people involved in blockchain development had in mind. Munger’s view of cryptocurrency is proof of the very real threat it poses to the old structures. Financial policy decision making is in short supply of Giancarlos.