Berkshire Hathaway Vice Chairman Charlie Munger urges the U.S. government to ban cryptocurrencies, as China has done.
“A cryptocurrency is not a currency, not a commodity, and not a security,” the 99-year-old Munger said in an op-ed published in The Wall Street Journal Thursday.
Munger and his business partner Warren Buffett are longtime cryptocurrency skeptics, contending that they are not tangible or productive assets.
Charlie Munger, Berkshire Hathaway’s Vice Chairman, urges the U.S. government to ban cryptocurrencies, as China has done, arguing that a lack of regulation enabled wretched excess and a gambling mentality.
“A cryptocurrency is not a currency, not a commodity, and not a security,” the 99-year-old Munger said in an op-ed published in The Wall Street Journal Thursday. “Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are tradable.”
Munger is concerned that the lack of regulation for cryptocurrencies has led to a number of problems, including people investing in them with no understanding of what they are getting into.
“The lack of any serious regulation has enabled a wretched excess on the part of many promoters and investors,” Munger said. “Cryptoc