• Charlie Munger, Vice Chairman of Berkshire Hathaway, wants the U.S. to ban cryptocurrencies because he believes they have no real value.
• He praised China for implementing a full ban on cryptocurrencies and urged the U.S government to follow suit.
• His business partner Warren Buffet shares his view on that matter as well.
Charlie Munger Wants the US To Ban Cryptocurrencies
Charlie Munger, Vice Chairman of Berkshire Hathaway, has recently expressed his views on cryptocurrencies and suggested that the US should impose an absolute ban on them due to their lack of real value. He also praised China for executing a full ban on cryptocurrencies and urged the US government to learn from its example. Furthermore, his business partner Warren Buffet also shares his view on this matter.
Munger’s View On Cryptocurrencies
Munger has been against cryptocurrencies for some time now and believes that they have no real value as they are intangible and unproductive assets. In a recent op-ed in The Wall Street Journal, he said: “Crypto is not a currency, commodity or security – 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”. Thus far this year, Bitcoin is up nearly 40%.
China’s Ban On Crypto-Related Services
China recently announced an absolute ban on crypto-related services which made Munger laud them further while advocating similar measures from the US government as well. He cited England’s example in early 1700s when all public trading in new common stocks was banned by them for almost a century as a precedence in such cases too; especially when promoters sell large blocks of cryptocurrency to public at much higher prices without fully understanding their implications beforehand.
View Of Warren Buffett On Cryptocurrencies
As mentioned earlier, Munger’s business partner Warren Buffett also holds similar views about cryptocurrencies which makes it even more evident that these two influential investors strongly oppose it.
In conclusion, Charlie Munger reiterated his stance against cryptocurrencies yet again by urging United States government to push ahead with an absolute ban on them just like China did recently due to their lack of real value and intangible nature; all while hailing China for executing such measures successfully along with citing an earlier precedence set by England centuries ago