Charlie Munger, vice president of Omaha-based multinational Berkshire Hathaway, believes that the United States should implement a federal ban on cryptocurrencies.
Munger believes that cryptocurrencies are only “a kind of gambling contract”, rejects digital assets as securities or commodities, and complains about the lack of protection for investors.
A Warren Buffett confidant has suggested that the U.S. should follow China in banning cryptocurrencies.
Munger also cited Britain’s response to the recession in the early 1700s as another precedent for a blanket ban on digital assets.
In response to promotional schemes that led to the recession, the British Parliament banned all public trading of new ordinary shares. Prohibition has been in place for about 100 years, a period Munger believes Britain made its greatest contribution to the Enlightenment and the Industrial Revolution, and gave birth to the United States.
Munger concluded by calling on the U.S. to follow the “good example” of the Chinese government and ban cryptocurrencies to prevent further harm to the public.
Munger is one of Bitcoin’s harshest critics. Last year, he predicted that the leading cryptocurrency could go to zero.
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According to USA Today
