{"id":17228,"date":"2023-02-03T03:14:18","date_gmt":"2023-02-03T03:14:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/charlie-munger-urges-us-government-to-ban-crypto-like-china-has-done-featured-bitcoin-news\/"},"modified":"2023-02-03T03:14:18","modified_gmt":"2023-02-03T03:14:18","slug":"charlie-munger-urges-us-government-to-ban-crypto-like-china-has-done-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/charlie-munger-urges-us-government-to-ban-crypto-like-china-has-done-featured-bitcoin-news\/","title":{"rendered":"Charlie Munger Urges US Government to Ban Crypto Like China Has Done \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Warren Buffett\u2019s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has urged the U.S. government to ban cryptocurrencies like China has done. \u201cA cryptocurrency is not a currency, not a commodity, and not a security. Instead, it\u2019s a gambling contract with a nearly 100% edge for the house,\u201d he stressed.<\/strong><\/p>\n

Berkshire Vice Chair Charlie Munger Wants Cryptocurrencies Banned<\/h2>\n

Berkshire Hathaway Vice Chairman Charlie Munger has urged the U.S. government to ban crypto in an opinion piece titled \u201cWhy America Should Ban Crypto,\u201d published by the Wall Street Journal Wednesday. The Berkshire executive wrote:<\/p>\n

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A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it\u2019s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.<\/p>\n<\/blockquote>\n

\u201cObviously the U.S. should now enact a new federal law that prevents this from happening,\u201d Munger stressed.<\/p>\n

The Berkshire vice chair proceeded to reference two precedents that may provide insight into how to ban cryptocurrency effectively. The first is China\u2019s crypto ban, he said, adding that the Chinese government \u201cwisely concluded that they [cryptocurrencies] would provide more harm than benefit.\u201d<\/p>\n

The second is that from the 1700s, England faced a severe depression after a speculative trading scheme failed. In response, the country banned public trading in new common stocks for 100 years, Munger explained. During that time, \u201cEngland made by far the biggest national contribution to the march of civilization as it led strongly in both the Enlightenment and the Industrial Revolution and, to boot, spawned off a promising little country called the United States,\u201d he opined.<\/p>\n

Munger concluded:<\/p>\n

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What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.<\/p>\n<\/blockquote>\n

The Berkshire executive has long been a bitcoin and crypto skeptic; he has called BTC<\/a> \u201crat poison\u201d and likened crypto trading to \u201ctrading turds.\u201d<\/p>\n

He said in 2021 that he wished crypto had never been invented and praised China<\/a> for banning cryptocurrencies. He also called bitcoin \u201cdisgusting and contrary to the interest of civilization<\/a>.\u201d<\/p>\n

In February last year, he similarly said the government should ban bitcoin and called crypto \u201cvenereal disease<\/a>.\u201d In July, he advised everybody to avoid crypto as if it were an \u201copen sewer, full of malicious organisms<\/a>.\u201d<\/p>\n

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Berkshire Hathaway<\/a>, Charlie Munger<\/a>, Charlie Munger bitcoin<\/a>, Charlie Munger bitcoin ban<\/a>, Charlie Munger China<\/a>, Charlie Munger crypto<\/a>, Charlie Munger crypto ban<\/a>, Charlie Munger crypto ban China<\/a>, Charlie Munger cryptocurrency<\/a>, Charlie Munger cryptocurrency ban<\/a>, Warren Buffett<\/a><\/div>\n<\/div>\n

What do you think about the statements by Charlie Munger? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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