Comparing Bitcoin to gambling contracts, Berkshire Hathaway’s vice-chairman Charlie Munger reportedly asks to ban cryptocurrency in the U.S. Suggesting to follow the footsteps of China to ban cryptocurrency in the U.S., Munger reportedly attributes cryptocurrencies’ stellar rise to a lack of regulation, unlike currencies, commodities, or securities.
Munger has reportedly stated, instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.
The U.S. should now enact a new federal law that prevents this from happening.
Munger reportedly attributed Bitcoin’s success in 2021 to being “disgusting,” blaming it to have been exploited for kidnappings and extortions. Holding on to his BTC skepticism, in 2022, Munger termed bitcoin investment an “investment in nothing.”
Munger and the “Oracle of Omaha,” Berkshire Hathaway’s Warren Buffett, have long been opposing cryptocurrency. In fact, these two investment moguls have reportedly wished that cryptocurrency should have “never been invented.”
In December 2022, U.S. Senator Sherrod Brown (D-Ohio), Head, the Senate Committee on Banking, Housing, and Urban Affairs, also reportedly signaled a cryptocurrency ban in the U.S. He went on to reportedly state that cryptocurrency is a national security threat.
Brown reportedly said, we want them to do what they need to do at the same time, maybe banning it, although banning it is very difficult because it would go offshore, and who knows how that would work.
Senator Brown tweeted:
I applaud the @TheJusticeDept and the Bahamian authorities for holding Sam Bankman-Fried accountable.— Sherrod Brown (@SenSherrodBrown) December 13, 2022
The @SenateBanking and Housing Committee will continue working to uncover crypto's risks to consumers, our financial system, and our national security. https://t.co/dsSJ09PzYx
The U.S. Banking Committee chairman Sherrod Brown further stated that banning cryptocurrency would be “very difficult.” He stated that banning cryptocurrency would only take it “offshore.”