Munger is advocating for a ban on Bitcoin and different cryptocurrencies, arguing that the current proliferation of privately issued cryptocurrencies has led to a niche in regulation and a disregard for client safety
In a recent op-ed revealed by the Wall Avenue Journal, Charlie Munger, vice chairman of Omaha-headquartered multinational conglomerate holding firm Berkshire Hathaway, argues that the U.S. ought to impose a federal ban on cryptocurrencies.
Munger believes {that a} cryptocurrency is simply “a playing contract,” refusing to acknowledge digital property as both securities or commodities and complaining concerning the lack of investor safety.
Warren Buffett’s right-hand man means that the U.S. ought to observe the lead of China by prohibiting cryptocurrencies.
Munger additionally cites England’s response to a melancholy within the early 1700s as one other precedent for a blanket ban on digital property.
In response to a promotional scheme that led to a melancholy, the English Parliament banned all public buying and selling in new frequent shares. The ban was in place for about 100 years and Munger argues that in this time, England made the largest nationwide contribution to the enlightenment and industrial revolution, and in addition spawned the USA.
Munger concluded his op-ed by calling for the U.S. to observe the Chinese language communist chief’s “splendid instance of unusual sense” and ban cryptocurrencies to be able to stop additional hurt to the general public.
As reported by U.Today, Munger has been one of many harshest critics of Bitcoin. Final yr, he predicted that the flagship cryptocurrency was probably going to zero.
Up to now, the distinguished investor additionally in contrast crypto to “some venereal illness” and a louse.