Charlie Munger Calls for Total US Crypto Ban: Here’s Why
• Charlie Munger, the Vice Chairman of Berkshire Hathaway, wants the U.S. to ban cryptocurrencies due to their lack of real value.
• Munger recently praised China for executing a full ban on cryptocurrencies and urged the U.S. to follow suit.
• His business partner Warren Buffet also shares his view on cryptos and believes they have no real value as well.
Charlie Munger Wants US Ban On Cryptocurrencies
Charlie Munger, Vice Chairman of Berkshire Hathaway, has reiterated his view that cryptocurrencies have no real value and should be banned in the United States to protect investors from scams and fraudulent activity. He praised China for executing a full ban on cryptocurrencies and urged U.S authorities to follow in its footsteps. His business partner Warren Buffet also shares this view of cryptos having no real value as well.
Crypto Market Having Fantastic Start To Year
Despite Munger’s criticism of crypto assets, the crypto market is having a fantastic start to the new year with Bitcoin currently up nearly 40% since the start of 2023 – despite his opinion that it is nothing more than a “gambling contract with a nearly 100% edge for the house” .
Learn from England’s Precedence
Munger has quoted England’s example in 17th century when it imposed an absolute ban on all public trading in new common stocks for about a whole century as precedence for U.S authorities to consider while implementing such rules against cryptocurrency investments and transactions as well .
Promoters Selling Crypto At Low Prices
The investor has also raised concern over promoters selling large blocks of cryptocurrency at low prices prior to its public sale at much higher prices without fully understanding predilution in favour of them . This can put investors at risk if not regulated properly leading them into possible scams or fraudulent activity .
In conclusion, Charlie Munger continues to hold an unwavering opinion that cryptocurrencies are intangible assets with no real-world use cases and pose potential risks if not regulated properly by governments across the world – including U.S.. He believes an absolute ban should be implemented by US government just like China did recently so that investors remain safe from scams or frauds related to cryptocurrency investments or transactions