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. 

Btc

Bitcoin

$27.941
price

0.89264%
price change

TRADE NOW

Munger’s business partner, Warren Buffet, largely agrees with him on crypto, having claimed he’d rather have $25 than every Bitcoin on earth.