Billionaire and Bitcoin Cynic Charlie Munger Renews His Criticism of Crypto, Calls for US Ban

Properly-known crypto skeptic and billionaire Charlie Munger is renewing his criticism of digital property, calling for US regulators to ban crypto.

In a brand new opinion piece revealed by The Wall Road Journal, the legendary investor says that crypto property are neither commodities, securities, or currencies, however moderately playing contracts that closely favor the home.

The Berkshire-Hathaway govt goes on to name for US lawmakers to control digital property as playing.

“A cryptocurrency is just not a foreign money, not a commodity, and never a safety. As an alternative, it’s a playing contract with a virtually 100% edge for the home, entered into a rustic the place playing contracts are historically regulated solely by states that compete in laxity.

Clearly, the US ought to now enact a brand new federal legislation that stops this from taking place.”

In line with Munger, it additionally is likely to be helpful for the US to contemplate a ban on crypto property, very like China did final yr.

“The communist authorities of China just lately banned cryptocurrencies as a result of it correctly concluded that they would offer extra hurt than profit…

What ought to the US do after a ban of cryptocurrencies is in place? Properly, another motion may make sense: Thank the Chinese language communist chief for his splendid instance of unusual sense.”

In November, Munger referred to the digital asset business as a mixture of delusion and fraud. On the time, he stated that crypto property are ruining the status of the monetary markets by interesting to criminals.

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