Charlie Munger calls Bitcoin ‘gambling’ and wants it banned in the US.

Charlie Munger calls Bitcoin 'gambling' and wants it banned in the US.

Charlie Munger, Vice Chairman of Berkshire Hathaway, calls for a US ban on cryptocurrencies. Charlie Munger, a cryptocurrency skeptic like China, shared his views in a Wall Street Journal op-ed on Feb 1.

In his piece, Charlie Munger blamed crypto’s rise on the lack of regulation. He says they don’t fit as currency, commodity, or security, so they lack proper control.

Munger called cryptocurrencies like Bitcoin “gambling contracts with the house always winning” in a country with loosely regulated state gambling laws, reinforcing the need for a federal law.

Munger’s well-known stance on crypto is skeptical, calling Bitcoin investors “almost insane.” He deems its success “disgusting” and links crypto to criminal acts like kidnapping and extortion.

Berkshire Hathaway’s Chairman Warren Buffett, “the Oracle of Omaha,” shares Munger’s negative view on crypto. Both wish it were never created, and Buffett says he wouldn’t pay $25 for all the Bitcoin in the world.

Munger and Buffett, influential figures in finance, draw attention for their views on crypto, seen by some as a game-changing technology for the economy.

Munger’s call for a US ban on crypto has reignited the conversation about regulation in the financial world. The views of Munger and Buffett highlight the need for proper oversight of cryptocurrencies, even though they’re controversial. These opinions will keep affecting the discourse around crypto.

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