Berkshire Hathaway Vice President Charlie Munger has urged the United States to follow in China’s footsteps by banning cryptocurrencies.
commenting on Wall Street Journal Munger attributes the rise of cryptocurrencies to a gap in regulation. Because digital assets are not currencies, commodities, or securities.
“It’s not a currency. But it is a bet that the dealer has an advantage of almost 100%. New federal legislation should be enacted to prevent this from happening.
Back in 2021, Munger described bitcoin (BTC) at the time as “disgusting,” and a year later, the 99-year-old called bitcoin a “waste investment.”
This isn’t the first time Munger, or Warren Buffett, has stated that “the idea that Bitcoin has intrinsic value is a farce from my point of view,” he said in a 2018 interview with CNBC.
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