The billion -dollar investor Charlie Munger confirms that the USA should ban Bitcoin

The billion -dollar investor Charlie Munger confirms that the USA should ban Bitcoin

Charlie Munger, the deputy chair of Berkshire Hathaway and right hand of Warren Buffett, confirmed his attitude against Bitcoin and the entire crypto industry.

This time the American billionaire asked the United States government to prohibit all cryptocurrencies because they inevitably harm more than benefit.

munger attacks again

in a (n opinion munger, which was published in the mainstream media, the Wall Street Journal (WSJ), argued that unchecked private companies spend thousands of cryptocurrencies, and led the gap in the USA as the reason.

These digital assets were publicly traded without a state preliminary permit and are a risk of the country's economic health.

The billion -dollar investor compares such a measure of capitalism with a remark that is attributed to the well -known American writer Mark Twain: "A mine is a hole in the floor with a liar at the top."

Munger blamed the lack of regulation of the government, but argued that such digital assets were neither currencies nor goods and securities. He classified cryptocurrencies as gambling contracts in a country in which they are traditionally regulated by "states that compete in negligence".

The deputy chairwoman of Berkshire insisted that the United States issued a new federal law to prohibit cryptocurrencies and prevent the continuation of such incidents.

An example of "unhealthy common sense"

to support his point , Munger quoted two precedents. The first was the case in which China's communist government recently banned cryptocurrencies. He called it a wise decision because they knew that such currencies would harm more than benefit.

In addition, the Bitcoin critic mentions an incident in England in the early 1700s when the country banned any public trade in new regular shares. The ban resulted from an destined plan that consisted of using profits by using slowly moving sailing ships to trade in the arms.

The ban was enforced for about 100 years, and according to Munger, this contributed to the progress of civilization.

"What should the US do after a ban on cryptocurrencies? Well, another action could make sense: thank the Chinese communist leader for his excellent example of unusual sense," added Munger.

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