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.

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.”

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