[Bitcoin Now] Buffett's Partner "Bitcoin Dislike"... Yet Surpasses 70 Million Won

First Time Since the 21st of Last Month, Bitcoin Hits 70 Million KRW Range
Bitcoin Mining Ban Expands... Inner Mongolia Autonomous Region in China Also Imposes Mining Ban

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin surpassed 70 million won despite criticism from Charlie Munger, vice chairman of Berkshire Hathaway and known as Warren Buffett's business partner.

According to the US economic media CNBC on the 1st (local time), Munger stated at the Berkshire Hathaway annual shareholders meeting, "I do not welcome cryptocurrencies that are useful to criminals and allow anyone to print billions of dollars," adding, "Bitcoin is disgusting and contrary to the benefits of civilization."

Munger has been skeptical of Bitcoin for some time. Earlier, on February 24, he said at the Daily Journal shareholders meeting, "I don't understand why Bitcoin is soaring," and "Investing in cryptocurrencies is like fox hunting." Fox hunting refers to the meaningless act by British aristocrats in the past who hunted foxes not for their fur or meat but solely for the sake of hunting itself. This implies that investing in Bitcoin is also meaningless.

However, Bitcoin continues its upward trend. According to the domestic cryptocurrency exchange Upbit, as of 11:37 AM on the 3rd, Bitcoin recorded 70.25 million won, up 2.6% from the previous day. It is the first time since the 21st of last month that it has surpassed 70 million won. As of 2:14 PM on the same day, Bitcoin was recorded at 69.86 million won.

The cryptocurrency industry criticized Munger for being out of touch with the times. On the 2nd, cryptocurrency specialized foreign media CoinDesk mocked, "While Berkshire Hathaway rose 50.5% over the past 52 weeks, Bitcoin rose 500%," adding, "It would be better for 97-year-old Munger's health not to know about Dogecoin, which has risen 7,900% compared to 2013."

Meanwhile, the number of regions banning Bitcoin mining worldwide is increasing. On the 2nd, the US economic media Fortune reported that the Inner Mongolia Autonomous Region in China banned Bitcoin mining due to extreme power consumption. Mining companies under the jurisdiction of the Inner Mongolia government must close their mining sites within two months. According to Fortune, after China banned cryptocurrency mining in 2018 due to power waste, mining companies operated covertly in Inner Mongolia. Earlier, in January, Iran forcibly shut down 1,620 cryptocurrency mining sites to prevent power waste. Until then, Iran ranked 6th in Bitcoin mining.