Bitcoin Daily: Charlie Munger attacks crypto

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Gary Gensler, chairman of the SEC, said bitcoin exchange-traded funds could be ripe for manipulation and fraud, according to a Bloomberg report.

Gensler, speaking with senior Senate Banking Committee Republican Pat Toomey, said that while non-U.S. Regulators have approved ETFs, the SEC would not be swayed by it.

Gensler said he was fine with ETFs based on futures contracts because they trade on highly regulated exchanges – but this bitcoin was a different story and did not have enough regulatory control and oversight.

Meanwhile, Singapore’s financial regulator has suspended Bitget, a popular digital currency exchange, due to a dispute involving a crypto pension scheme that says it is connected to boy band BTS, writes the Financial Times (FT ).

The report notes that this comes as the city-state also seeks to become a global crypto hub.

Bitget had been the subject of legal proceedings for his Army Coin, named after Army BTS, followers of the group. Army Coin was introduced by Bitget as a way to provide lifelong financial support to BTS members. But Hybe, the group’s agency, said the piece was unrelated to BTS.

Additionally, Charlie Munger, the 97-year-old investor and vice chairman of Berkshire Hathaway, continued to launch attacks on cryptocurrency, Cointelegraph reports.

Speaking at Australia’s Sohn Hearts & Minds conference, Munger said he supports China’s crackdown on crypto.

He added that the people who create cryptocurrencies “don’t think of the customer, they think of themselves”, saying he prefers to make money “by selling people things that are good for them” rather than the other way around, which he termed crypto as.

Critics said Munger was probably too old to understand crypto, according to the report.

Finally, the price of Bitcoin was volatile over the weekend, and as of Sunday afternoon it was still below $ 50,000, reports the Wall Street Journal (WSJ).

Read more: Bitcoin, other crypto prices drop overnight

The coin was at $ 48,904 on Sunday around 4:30 p.m. EST, which was an improvement after falling nearly 20% on Saturday to hit $ 42,000.

The reasons for the volatility were potentially multiple, including the new Omicron COVID-19 variant, the Fed’s response to inflation and the sale of highly leveraged crypto derivatives, writes the WSJ.

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