The 99-year-old blamed the 'wretched excess' in the sector on a public that doesn't fully understand the subject matter and a lack of regulation. Charlie Munger, vice chairman of Berkshire Hathaway called cryptocurrency a “gambling contract” in an op-ed in The Wall Street Journal.
Berkshire Hathaway vice chairman Charlie Munger penned an op-ed in The Wall Street Journal and called for the U.S. to ban cryptocurrency.Charlie Munger, vice chairman of Berkshire Hathaway and longtime crypto critic, used anin the Wall Street Journal published late Tuesday to call for a ban on cryptocurrencies in the U.S. Munger also praised China's industry crackdown.
"A cryptocurrency is not a currency, not a commodity, and not a security," he wrote."It’s a gambling contract with a nearly 100% edge for the house." The 99-year-old blamed the"wretched excess" in the sector on a public that doesn't fully understand the subject matter, as well as a lack of regulation. It's not theMunger's has been critical, and Berkshire Hathaway CEO Warren Buffet is also well known for his unfavorable opinion of Bitcoin.
Munger referred to China’s ban on crypto as one of two precedents that could “guide us into sound action.”"What should the U.S. do after a ban of cryptocurrencies is in place?" Munger continued."Thank the Chinese communist leader for his splendid example of uncommon sense."“I’ve always been a huge fan of Charlie Munger – but why does he want to be Crypto Voldemort on this?” Ash Bennington, senior host and crypto editor at Real Vision, a financial TV channel, said in a tweet.
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