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News

Charlie Munger of Berkshire Hathaway Calls For Ban On Crypto In The US

February 2, 2023 - Around 2 mins mins to read

Key Points:

  • Charlie Munger, vice chairman of Berkshire Hathaway (BRK) and a fervent opponent of bitcoin, has called on the United States to follow China’s lead and outlaw cryptocurrencies.
  • Munger claimed in a Wall Street Journal opinion post that there is a regulatory void to blame for the emergence of cryptocurrencies.
  • Munger or Berkshire Hathaway Chairman Warren Buffett, also known as the “Oracle of Omaha,” have gone after crypto with Munger even going as far to say that he wished crypto had
Charlie Munger, vice chairman of Berkshire Hathaway (BRK) and a fervent opponent of bitcoin, has called on the United States to follow China’s lead and outlaw cryptocurrencies.
Charlie Munger of Berkshire Hathaway Calls For Ban On Crypto In The US

Since cryptocurrency assets aren’t securities, commodities, or currencies, Munger claimed in a Wall Street Journal opinion post that there is a regulatory void to blame for the emergence of cryptocurrencies.

“Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” Munger wrote. “The U.S. should now enact a new federal law that prevents this from happening.”

In 2021, Munger labeled bitcoin’s (BTC) relative success, at the time as “disgusting” after alluding to how it is used by kidnappers and extortionists. A year later, the 99-year-old called bitcoin an “investment in nothing” as he doubled down on his skeptical stance.

This isn’t the first time Munger or Berkshire Hathaway Chairman Warren Buffett, also known as the “Oracle of Omaha,” have gone after crypto with Munger even going as far to say that he wished crypto had “never been invented.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Ban On Crypto

Berkshire Hathaway

BRK

Charlie Munger

crypto

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Charlie Munger of Berkshire Hathaway Calls For Ban On Crypto In The US

Key Points:

  • Charlie Munger, vice chairman of Berkshire Hathaway (BRK) and a fervent opponent of bitcoin, has called on the United States to follow China’s lead and outlaw cryptocurrencies.
  • Munger claimed in a Wall Street Journal opinion post that there is a regulatory void to blame for the emergence of cryptocurrencies.
  • Munger or Berkshire Hathaway Chairman Warren Buffett, also known as the “Oracle of Omaha,” have gone after crypto with Munger even going as far to say that he wished crypto had
Charlie Munger, vice chairman of Berkshire Hathaway (BRK) and a fervent opponent of bitcoin, has called on the United States to follow China’s lead and outlaw cryptocurrencies.
Charlie Munger of Berkshire Hathaway Calls For Ban On Crypto In The US

Since cryptocurrency assets aren’t securities, commodities, or currencies, Munger claimed in a Wall Street Journal opinion post that there is a regulatory void to blame for the emergence of cryptocurrencies.

“Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” Munger wrote. “The U.S. should now enact a new federal law that prevents this from happening.”

In 2021, Munger labeled bitcoin’s (BTC) relative success, at the time as “disgusting” after alluding to how it is used by kidnappers and extortionists. A year later, the 99-year-old called bitcoin an “investment in nothing” as he doubled down on his skeptical stance.

This isn’t the first time Munger or Berkshire Hathaway Chairman Warren Buffett, also known as the “Oracle of Omaha,” have gone after crypto with Munger even going as far to say that he wished crypto had “never been invented.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News