Due to the lack of regulations and increase in gambling mentality Berkshire Hathaway Vice chairman Charlie Munger has been pushing the U.S. government to ban Cryptocurrency as China did.
“A Cryptocurrency is not a currency, not a commodity, and not a security,” Munger said on Thursday.
“Instead, it’s a gambling contract with nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” monger said.
Munger and Warren’s buffett always felt for a long time that cryptocurrency skeptics, saying they are not tangible and productive assets.
The cryptocurrency market lost more than $2 trillion last year. The price of bitcoin decreased by 65% in 2022 and has rebounded by 40% to trade around $23,824.
He said in recent times private company owners have issued thousands of new cryptocurrencies and they have become public without any governmental approval.
Some have been sold to promoters for very less price after which the public buys them for high amounts.
He listed two “interesting precedents” that probably would guide the U.S. into good actions. Munger said first China banned services offered to trade and second, from the early 1700s, the English parliament banned all public trading, and this ban was kept for 100 years.
“What should the U.S. do after a ban on cryptocurrency is in place? Well, one more action might make sense: Thank the Chinese Communist leader for his splendid example of uncommon stocks,” Munger said.
- Published By Team Nation Press News