Berkshire Hathaway (NYSE:BRK.A) Vice President Charlie Munger has made headlines once again with his latest call for a federal ban on cryptocurrency in the United States.
Munger, who has long been skeptical of cryptocurrencies and aligns his views with China’s stance on cryptocurrency, expressed his views in an opinion piece on The Wall Street Journal Posted on February 1st.
In his article, Munger attributes the rise of cryptocurrencies to a gap in regulation. He argued that crypto assets do not fall under the categories of currencies, commodities, or securities, leaving them without proper oversight.
Munger specifically referred to cryptocurrencies like Bitcoin as follows: “gambling contracts with almost 100% house edge, concluded in a country where gambling contracts have traditionally only been regulated by states that compete leniently,” emphasizing the need for federal law.
Munger is a well-known crypto-skeptic
Munger’s opinions on cryptocurrency have been well publicized in recent years. The 99-year-old doubled down on his skepticism, referring to those investing in Bitcoin as “almost crazy.” He also referred to Bitcoin’s relative success at the time as “disgusting” and alluded to the use of cryptocurrencies by kidnappers and extortionists.
Berkshire Hathaway Chairman Warren Buffett, aka the “Oracle of Omaha,” echoed Munger’s stance on cryptocurrency. Both Munger and Buffett have criticized cryptocurrencies in the past, with Munger even going so far as to say he wished cryptocurrency had “never been invented,” and Buffett admitted he wouldn’t buy all the bitcoins in the world for $25.
Their combined influence as leaders in the financial world has drawn a lot of attention for their views on cryptocurrencies, which some see as a disruptive technology with the potential to change the financial landscape.
Munger’s recent call for a federal ban on cryptocurrency in the United States has once again brought the issue to the attention of the financial world. Munger’s views and those of Warren Buffett fuel the debate about proper regulation and oversight of cryptocurrencies. Their opinions, while controversial, will likely continue to shape the conversation around cryptocurrencies.
Charlie Munger’s post slams Bitcoin as ‘gambling’ and wants it banned in the US appeared first on Coinphony.