Bitcoin Should be Banned in the United States: Charlie Munger

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China. 

In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house.

  • As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on crypto, and England’s 100-year ban on trading new common stocks in the 1700s, as sound precedents to follow. 
  • “What should the U.S. do after a ban on cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense,” he wrote. 
  • Munger has never minced words on his disdain for cryptocurrencies. In July, he blasted the industry as being an “open sewer” filled with evil actors and “malicious organisms.”
  • Munger doubled down on his criticisms in November after the collapse of FTX, deriding the “reputable people” who have made a “huge mistake” in supporting the industry. 
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Munger’s business partner, Warren Buffet, largely agrees with him on crypto, having claimed he’d rather have $25 than every Bitcoin on earth.

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