Nicely-known crypto skeptic and billionaire Charlie Munger is renewing his criticism of digital property, calling for US regulators to ban crypto.
In a brand new opinion piece printed by The Wall Road Journal, the legendary investor says that crypto property are neither commodities, securities, or currencies, however fairly playing contracts that closely favor the home.
The Berkshire-Hathaway government goes on to name for US lawmakers to manage digital property as playing.
“A cryptocurrency shouldn’t be a foreign money, not a commodity, and never a safety. As a substitute, it’s a playing contract with an almost 100% edge for the home, entered into a rustic the place playing contracts are historically regulated solely by states that compete in laxity.
Clearly, the US ought to now enact a brand new federal regulation that stops this from occurring.”
In line with Munger, it additionally could be useful for the US to think about a ban on crypto property, very like China did final 12 months.
“The communist authorities of China not too long ago banned cryptocurrencies as a result of it properly concluded that they would supply extra hurt than profit…
What ought to the US do after a ban of cryptocurrencies is in place? Nicely, another motion may make sense: Thank the Chinese language communist chief for his splendid instance of unusual sense.”
In November, Munger referred to the digital asset business as a mixture of delusion and fraud. On the time, he stated that crypto property are ruining the fame of the monetary markets by interesting to criminals.
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