Charlie Munger Urges US Authorities to Ban Crypto Like China Has Carried out

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged the U.S. authorities to ban cryptocurrencies like China has finished. “A cryptocurrency just isn’t a foreign money, not a commodity, and never a safety. As a substitute, it’s a playing contract with a virtually 100% edge for the home,” he confused.

Berkshire Vice Chair Charlie Munger Desires Cryptocurrencies Banned

Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. authorities to ban crypto in an opinion piece titled “Why America Ought to Ban Crypto,” revealed by the Wall Avenue Journal Wednesday. The Berkshire government wrote:

A cryptocurrency just isn’t a foreign money, not a commodity, and never a safety. As a substitute, it’s a playing contract with a virtually 100% edge for the home, entered into in a rustic the place playing contracts are historically regulated solely by states that compete in laxity.

“Clearly the U.S. ought to now enact a brand new federal legislation that stops this from taking place,” Munger confused.

The Berkshire vice chair proceeded to reference two precedents which will present perception into the best way to ban cryptocurrency successfully. The primary is China’s crypto ban, he stated, including that the Chinese language authorities “properly concluded that they [cryptocurrencies] would supply extra hurt than profit.”

The second is that from the 1700s, England confronted a extreme despair after a speculative buying and selling scheme failed. In response, the nation banned public buying and selling in new frequent shares for 100 years, Munger defined. Throughout that point, “England made by far the most important nationwide contribution to the march of civilization because it led strongly in each the Enlightenment and the Industrial Revolution and, as well, spawned off a promising little nation referred to as the USA,” he opined.

Munger concluded:

What ought to the U.S. do after a ban of cryptocurrencies is in place? Nicely, another motion may make sense: Thank the Chinese language communist chief for his splendid instance of unusual sense.

The Berkshire government has lengthy been a bitcoin and crypto skeptic; he has referred to as BTC “rat poison” and likened crypto buying and selling to “buying and selling turds.”

He stated in 2021 that he wished crypto had by no means been invented and praised China for banning cryptocurrencies. He additionally referred to as bitcoin “disgusting and contrary to the interest of civilization.”

In February final 12 months, he equally stated the federal government ought to ban bitcoin and referred to as crypto “venereal disease.” In July, he suggested all people to keep away from crypto as if it had been an “open sewer, full of malicious organisms.”

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