Charlie Munger, Vice Chairman of Berkshire Hathaway, and Warren Buffett’s right-hand man reiterated his opposition to Bitcoin and the entire cryptocurrency industry.
The American billionaire investor demanded that the United States ban all cryptocurrency because they cause more harm than good.
Munger Attacks Again
In opinion Published in mainstream media by the Wall Street Journal (WSJ), Munger argued unvetted private companies are issuing thousands cryptocurrencies. He cited the U.S.’s lack of crypto regulation as a reason.
These digital assets, which have been made public without the approval of the government, pose a threat to the country’s economy.
This billionaire investor compared such a level to American writer Mark Twain’s remark: “A mine, a hole in ground with a lie on top.”
Munger blamed the government for not regulating digital assets, but he argued that these digital assets are neither currencies nor securities. Munger classified cryptocurrency as gambling contracts in a country that is traditionally regulated by “states which compete in laxity.”
The Berkshire vice chairman demanded that the United States pass a new federal law banning cryptocurrencies and preventing such incidents from occurring again.
A case study in “Uncommon Sense”.
To support His pointMunger mentioned two precedents. First, China’s communist government banned cryptocurrency. He called it a smart decision, as they knew that these currencies would cause more harm than good.
The Bitcoin critic is another. mentioned An incident occurred in England in early 1700s when the country prohibited all public trading of new common stocks. A failed plan to make profits using slow-moving sailing vessels to trade with the poor led to the ban.
Munger said that the ban was in effect for around 100 years and that England contributed the most to the march to civilization.
“What should the U.S. Do after a ban on cryptocurrencies? Munger said that one more thing might be logical: “Thank the Chinese communist leader, for his extraordinary example of uncommon intelligence.”