Charlie Munger Urges US Government To Ban Crypto Like China
In an article titled “Why America Should Ban Crypto” published by The Wall Street General on Wednesday, Berkshire Hathaway Vice Chairman Charlie Munger urged the US government to ban crypto. The executive writes that cryptocurrency is not a currency, nor is it a commodity, nor is it a security instrument. Instead it is 100% a gambling contract entered into in a country where gambling is traditionally regulated only by states that compete loosely.
Munger insisted that it was obvious that the US should now create a new federal law that prevents this from happening.
Berkshire’s vice chair continues to cite two examples that may provide enough information to effectively ban cryptocurrency. The first is China’s crypto ban and they state that the Chinese government has concluded that cryptocurrencies will provide more harm than good. The second is the fact that from the 1700s onwards, England suffered serious setbacks after speculative trading failed and the country responded by banning public trading in common towns for 100 years. . Speaking of which, during that time England made by far the greatest national contribution to the march of civilization and led it in the Industrial Revolution while giving birth to a promising nation in the United States to boot. Munger concluded that what can the US do after banning cryptocurrencies? Another course of action may make sense is to thank the Chinese Communist leader for his brilliant example of his unusual wisdom. Admittedly, Munger has long been skeptical of cryptocurrencies and bitcoin, calling bitcoin “poison” and comparing cryptocurrency trading to “trading turds.” He said in 2021 that he wished that crypto currency had never been invented and that he appreciated and praised China for banning crypto currency. He also said that bitcoin “disgusting and contrary to the interests of civilization”. In February last year, he went on to say that the government should ban cryptocurrencies and bitcoin, calling them a “sexual disease”. In July he advised everyone to avoid cryptocurrency as if it were an “open sewer full of malicious creatures”.