Berkshire Hathaway's Charlie Munger Calls for Crypto Ban in the US
The veteran investor doubled down on his bitcoin skepticism, comparing it to gambling contracts.
Berkshire Hathaway (BRK) Vice Chairman and staunch bitcoin skeptic Charlie Munger has called for the United States to follow in the footsteps of China and ban cryptocurrencies.
In an opinion piece in the Wall Street Journal, Munger attributed the rise of cryptocurrencies to a gap in regulation as crypto assets aren't currencies, commodities or securities.
"Instead, it’s 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," Munger wrote. "The U.S. should now enact a new federal law that prevents this from happening."
In 2021, Munger labeled bitcoin's (BTC) relative success, at the time as "disgusting" after alluding to how it is used by kidnappers and extortionists. A year later, the 99-year-old called bitcoin an "investment in nothing" as he doubled down on his skeptical stance.
This isn't the first time Munger or Berkshire Hathaway Chairman Warren Buffett, also known as the "Oracle of Omaha," have gone after crypto with Munger even going as far to say that he wished crypto had “never been invented."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.