Charlie Munger Asks United States to Ban Crypto Just Like China

• Charlie Munger calls for an outright ban on cryptocurrencies.
• Warren Buffet’s right-hand man shared his opinion on the WSJ.
• Munger asked the US to follow China in banning cryptocurrencies.

99-year-old American billionaire Charles Thomas Munger recently shared his opinion on banning cryptocurrencies on the Wall Street Journal. Often referred to as Buffet’s closest partner and right-hand man, both Munger and Buffett share similar views and ideologies on cryptocurrencies.

A cryptocurrency is not a currency, not a commodity, and not a security. 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 stated that over the years, thousands of firms have issued new cryptocurrencies that have become publicly traded without the government’s approval.

The billionaire also quoted the example of China and stated that the country was wise enough to ban cryptocurrencies as it realized that it would cause more harm than good. Munger also urged the US to follow in the footsteps of China by banning cryptocurrencies. Munger also wants the US to thank the Chinese communist leader for his “splendid example of uncommon sense.”

However, the remarks from Munger didn’t receive a positive response from the cryptocurrency community, which took to Twitter to share their disagreements.

A former CNBC editor also commented on Munger’s remarks and questioned why he wants to be a crypto-Voldemort on this. According to the user, Munger should have said something like, “I don’t understand crypto, but that’s a problem for another generation, not mine.” Some users also mocked him for his age and for not understanding the technology.