Nicely-known crypto skeptic and billionaire Charlie Munger is renewing his criticism of digital property, calling for US regulators to ban crypto.
In a brand new opinion piece revealed by The Wall Road Journal, the legendary investor says that crypto property are neither commodities, securities, or currencies, however somewhat playing contracts that closely favor the home.
The Berkshire-Hathaway govt goes on to name for US lawmakers to control digital property as playing.
“A cryptocurrency isn’t a foreign money, not a commodity, and never a safety. As a substitute, it’s a playing contract with a virtually 100% edge for the home, entered into a rustic the place playing contracts are historically regulated solely by states that compete in laxity.
Clearly, the US ought to now enact a brand new federal legislation that stops this from occurring.”
In response to Munger, it additionally is perhaps useful for the US to contemplate a ban on crypto property, very similar to China did final yr.
“The communist authorities of China not too long ago banned cryptocurrencies as a result of it properly concluded that they would supply extra hurt than profit…
What ought to the US do after a ban of cryptocurrencies is in place? Nicely, yet another motion may make sense: Thank the Chinese language communist chief for his splendid instance of unusual sense.”
In November, Munger referred to the digital asset trade as a mixture of delusion and fraud. On the time, he mentioned that crypto property are ruining the popularity of the monetary markets by interesting to criminals.
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