Well-known crypto skeptic and billionaire Charlie Munger is renewing his criticism of digital assets, calling for US regulators to ban crypto.
In a new opinion piece published by The Wall Street Journal, the legendary investor says that crypto assets are neither commodities, securities, or currencies, but rather gambling contracts that heavily favor the house.
The Berkshire-Hathaway executive goes on to call for US lawmakers to regulate digital assets as gambling.
“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 a country where gambling contracts are traditionally regulated only by states that compete in laxity.
Obviously, the US should now enact a new federal law that prevents this from happening.”
According to Munger, it also might be beneficial for the US to consider a ban on crypto assets, much like China did last year.
“The communist government of China recently banned cryptocurrencies because it wisely concluded that they would provide more harm than benefit…
What should the US do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.”
In November, Munger referred to the digital asset industry as a mix of delusion and fraud. At the time, he said that crypto assets are ruining the reputation of the financial markets by appealing to criminals.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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The post Billionaire and Bitcoin Cynic Charlie Munger Renews His Criticism of Crypto, Calls for US Ban appeared first on The Daily Hodl.