Charlie Munger Urges US Government to Ban Crypto Like China Has Done

Warren Buffett’s right-hand antheral and the vice president of Berkshire Hathaway, Charlie Munger, has urged the U.S. authorities to prohibition cryptocurrencies similar China has done. “A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling declaration with a astir 100% borderline for the house,” helium stressed.

Berkshire Vice Chair Charlie Munger Wants Cryptocurrencies Banned

Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. authorities to prohibition crypto successful an sentiment portion titled “Why America Should Ban Crypto,” published by the Wall Street Journal Wednesday. The Berkshire enforcement wrote:

A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling declaration with a astir 100% borderline for the house, entered into successful a state wherever gambling contracts are traditionally regulated lone by states that vie successful laxity.

“Obviously the U.S. should present enact a caller national instrumentality that prevents this from happening,” Munger stressed.

The Berkshire vice seat proceeded to notation 2 precedents that whitethorn supply penetration into however to prohibition cryptocurrency effectively. The archetypal is China’s crypto ban, helium said, adding that the Chinese authorities “wisely concluded that they [cryptocurrencies] would supply much harm than benefit.”

The 2nd is that from the 1700s, England faced a terrible slump aft a speculative trading strategy failed. In response, the state banned nationalist trading successful caller communal stocks for 100 years, Munger explained. During that time, “England made by acold the biggest nationalist publication to the march of civilization arsenic it led powerfully successful some the Enlightenment and the Industrial Revolution and, to boot, spawned disconnected a promising small state called the United States,” helium opined.

Munger concluded:

What should the U.S. bash aft a prohibition of cryptocurrencies is successful place? Well, 1 much enactment mightiness marque sense: Thank the Chinese communist person for his splendid illustration of uncommon sense.

The Berkshire enforcement has agelong been a bitcoin and crypto skeptic; helium has called BTC “rat poison” and likened crypto trading to “trading turds.”

He said successful 2021 that helium wished crypto had ne'er been invented and praised China for banning cryptocurrencies. He besides called bitcoin “disgusting and contrary to the involvement of civilization.”

In February past year, helium likewise said the authorities should prohibition bitcoin and called crypto “venereal disease.” In July, helium advised everybody to debar crypto arsenic if it were an “open sewer, afloat of malicious organisms.”

What bash you deliberation astir the statements by Charlie Munger? Let america cognize successful the comments conception below.

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