Community mocks Charlie Munger for his obsession with China’s Bitcoin ban

The cryptocurrency assemblage has ridiculed well-known Bitcoin (BTC) professional Charlie Munger for calling the United States to travel successful the footsteps of China successful banning crypto.

In an op-ed nonfiction connected The Wall Street Journal, the 99-year-old concern seasoned has erstwhile again slammed crypto, calling a cryptocurrency a “gambling declaration with a astir 100% borderline for the house.”

Munger besides said that a cryptocurrency is “not a currency, not a commodity, and not a security,” adding that “obviously” the U.S. should present enact a caller national instrumentality that would prohibition crypto.

According to Munger, the champion mode to attack crypto would beryllium to travel the illustration of China, which put a broad prohibition connected crypto successful September 2021. The Berkshire Hathaway president stated:

“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 assemblage was speedy to respond to Munger’s latest anti-crypto arguments, with galore expressing bewilderment astir however China’s tyrannic measures similar crypto prohibition align with the U.S. principles of freedom.

“The conflict lines are being drawn. Freedom oregon tyranny. Non-custodial wallets are the elevation we can’t surrender,” NFT APE writer Adam McBride wrote connected Twitter.

Others besides mocked Munger for not being capable to recognize that crypto is virtually unbannable. Indeed, adjacent aft “banning” crypto successful 2021, China has continued to beryllium the second largest Bitcoin miner successful the satellite for immoderate reason, portion possession of crypto is seemingly inactive legal successful the country. Moreover, the idea of lifting the crypto ban has been floating successful China for a while.

It’s bittersweet that Charlie munger believes he’s doing thing by calling for a ban. Doesn’t recognize it’s mathematics and can’t beryllium banned. Old property deteriorates captious reasoning skills.

— 941 (@level941) February 2, 2023

As Munger called cryptocurrency a “gambling contract,” it’s worthy noting that gambling is ineligible nether U.S. national instrumentality contempt radical losing important wealth connected it.

Related: EU lawmakers ballot for much restrictive superior requirements connected banks holding crypto

According to information from the American Gaming Association, U.S. casinos and mobile gaming apps hit a grounds $54.93 cardinal successful gross during the archetypal 11 months of 2022. The revenues came astatine the outgo of Americans losing much wealth connected gambling than ever earlier by the archetypal 4th of 2022.

Many European countries besides let astatine slightest immoderate gambling games, with astir 420,000 British gamblers losing much than $2,000 per year.

Despite casinos causing important losses for investors, Europe and the U.S. for immoderate crushed did travel successful the footsteps of China, which banned gambling backmost successful 1949.