Berkshire Hathaway's Vice Chairman, Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead. He argues that a lack of regulation leads to excessive behavior and gambling.
Munger claims that cryptocurrencies are not actual currencies, commodities, or securities, but instead, a form of gambling with a 100% advantage for the house.
He suggests the US government enact new federal laws to prevent the use of cryptocurrencies.
Munger and his business partner, Warren Buffett, have been skeptics of cryptocurrencies for a long time, seeing them as intangible and unproductive assets.
The crypto industry has faced several problems in recent times, including failed projects, scams, fraud and liquidity issues, contributing to the market's loss of over $2 trillion in value last year.
Bitcoin saw a 65% decrease in 2022 and has since rebounded by 40% to trade at around $23,824.
He suggests the US government enact new federal laws to prevent the use of cryptocurrencies.
Munger and his business partner, Warren Buffett, have been skeptics of cryptocurrencies for a long time, seeing them as intangible and unproductive assets.
The crypto industry has faced several problems in recent times, including failed projects, scams, fraud and liquidity issues, contributing to the market's loss of over $2 trillion in value last year.
Bitcoin saw a 65% decrease in 2022 and has since rebounded by 40% to trade at around $23,824.