Warren Buffett’s business partner Charlie Munger has suggested that the US should follow China’s procedures to ban cryptocurrencies. He sees this as a gambling deal.
and WSJ Opinion Article Munger, who went public on February 2, said thousands of new cryptocurrencies flooded the market, prompting the general public to buy them at much higher prices in favor of promoters.
Bitcoin critics added that the overreach of the cryptocurrency market is due to regulatory gaps. As a result, he called on the US government to enact federal legislation to regulate the market.
Munger compared cryptocurrency to gambling contracts and showed an almost 100% advantage of homes.
“Cryptocurrencies are not currencies, commodities, or securities. Instead, they are gambling contracts with almost 100% edge of the house,” adds Munger.
Munger called on the U.S. to learn from the Chinese Communist government, which is trying to crack down on cryptocurrencies. He said China banned the asset class in September 2021 after making a wise decision to conclude that cryptocurrencies do more harm than good.
In July 2022, Munger compared cryptocurrency assets to a sewage sewer and called cryptocurrency holders who invest nothing insane.
