Charlie Munger States US to Ban Crypto & Should Follow China’s Lead

  • Based on Charlie Munger Cryptocurrencies should outlawed.
  • Munger mentioned “cryptocurrency isn’t a currency, not really a commodity, and never a security”

Within an opinion piece entitled “Why America Should Ban Crypto,” that was printed within the Wall Street Journal, Vice Chairman of Berkshire Hathaway Charlie Munger advised the American government to ban cryptocurrency.

Murger mentioned:

A cryptocurrency isn’t a currency, not really a commodity, and never a burglar.

Murger added the US should implement policies that ban both the development of new cryptocurrencies and also the buying and selling of existing ones, similar to China, which particularly outlawed them in 2021. Munger stated that promoters and founders of recent cryptocurrencies frequently obtain coins for “virtually nothing,” benefiting from cryptocurrency investors.

Furthermore he gave two instances that may behave as helpful information for wise American action. The very first is that China has outright banned any businesses that provide buying and selling, order matching, token issuance. As well as derivatives for virtual currencies. Second, Munger highlighted the British Parliament banned any public buying and selling of recent bonds. And customary stocks beginning in early 1700s and stored this outlaw for nearly a century.

Munger hit the headlines in 2021 for evaluating other cryptocurrencies to some “venereal disease” and describing Bitcoin, probably the most valuable digital asset on the planet, as “rat poison.” His present position would be that the authorities must intervene and outlaw the whole sector. 

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