Vice Chairman Charlie Munger urged the U.S. government to ban cryptocurrencies, as China has done, arguing that a lack of regulation enabled wretched excess and a gambling mentality.
"A cryptocurrency is not a currency, not a commodity, and not a security," the 99-year-old Munger said in an"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," Munger said. "Obviously the U.S. should now enact a new federal law that prevents this from happening.
Munger and his business partner Warren Buffett are longtime cryptocurrency skeptics, contending they are not tangible or productive assets. Munger's latest comments came as the crypto industry was plagued with problems from failed projects to a liquidity crunch, exacerbated by the fall of FTX, once one of the world's largest exchanges.
The constitution aside…it’s simply much easier to enforce a ban on Charlie munger than on crypto
Charlie Munger is too old to understand that China is OK with digital currency - as long as it is one that China can track and control
Yep, back to beanie babies as a store of value
Every major economist thinking about Banning crypto, why there is no discussion about prohibiting Vapes..
❤❤❤❤
I’m sorry Charlie, but I wouldn’t follow China’s footsteps anywhere including investing in or anywhere associated with that Country! They are and will always be a Communist Country with one and only one goal in mind! The destruction of this Country!
We shouldn't follow China in ANYTHING !
Should ban UFOs too? Any tech he doesn’t understand?
Who woke Charlie Munger up?
That's fully true the Chinese are controlling everything much better But we need re-thinking economic and financial models which are the road to hell ! Chosing sport, eco-vacations, innovation, and free education as the ultimate goal for prosparity for the planet and humanity !
No body should follow chinese communists.
They should also ban Coca Cola
Will someone tell this old goon to shut up.
Why the hell does he keep talking about bitcoin? what’s he worried about?
We should ban Fossil like Him!!
Please stop recycling this story over and over again. Ask yourself this…why would you listen to tech advice from someone who admitted in the past he doesn’t understand high tech and is incompetent in that field🤔
The next global superpower is the one that’s friendliest to the new paradigm. Dinosaurs go extinct.
He’s literally dying, his opinion is 💩🗑
Why don’t you introduce a new coin MungCoin to compete as you and your partners were silent when CRYPTOs came into existence
xrp334 I also think we should ban ‘the wheel’.
You can’t teach an old dog new tricks, he doesn’t even know what crypto is..
This old relic should die in peace and not burden himself with technologies he has no clue about.
Ahhh yes… China, The Beacon of Democracy 😂
Mr. Munger’s salty ‘cause he missed the dip. 🥲 Now, he’s trying to manipulate the crypto market. 😒 GoodLuckBro x Bitcoin charlie china cryptocurrency ban
why do you keep recycling this week old story? It makes us think you support Menger’s opinion in praising a totalitarian government and his other opinion of banning public trading, NOT private trading (elites and VCs get richer, while the masses stay poor).
No brainer
Why not to ban BerkshireHathaway ?
I think they wanted to ban Apple until they made all that money in it.
Not exactly a capitalist mentality.
I'll bet Charlie and Warren Buffet are doing the opposite buying crypto or buying companies that benefit from crypto 😉 They love to corner the market by having the government baning the crypto market
He also said everyone's net worth went up 500% last 5 years except 1/2 country doesnt own a stock
shut up grandpa! Go to bed!
China na ghost 👻 country, they can't stop the truth Bitcoin
Lol
Dinosaur 🦕
Lol 😂😂😂😂😂😂😂😂 iiii Charlie oOoOO 😂😂😂😆😆😆😆😆
anyone who ignores him on it possibly is beneficial from lies and tricks using cryptocurrency. or he knows nothing about it,
Bro is 100 years old 😭 of course crypto scares him
Agree with sentiment but it’s not practical. Pandora’s box is open. It’s in the wild. No unscrambling this egg
100% agreed.
Non government crypto must go to zero. There is no future for it.
A true philanthropist and one of the greatest men of our time, I love this guy!
How many times are you going to tweet the same story?
This guy needs to stop gambling in market.
What a communist statement...we are a Freedom LOVING Country!!! Americans wish to get rich in investment, Americans have the FREEDOM to do so... Americans don't wish to trust the process? Well, it's an American's FREEDOM not to...
Totally agree 💯💯💯
That would be great for Bitcoin. Go back and look at the China ban. Bitcoin is anti-fragile.
should be ban to live that long.
These old dinosaurs must be down on their stocks and can’t find any more people to buy their bags?
Is China our role model now...
is he saying communists should take over US ?
like space force computer hackers could just go to business stealing crypto currency and really no one would care
or you could just steal it declare eminent domain on it because somewhere someone has more crypto currency than the government and that's not correct
Why is CNBC keep recycling this? Think of the two examples he used: a totalitarian government and an example where public trading, NOT private trading (i.e. elites and VCs still have access). This highlights even more why BTC is needed now more than ever
Munger is losing money to Bitcoin.
Yes, we should be more like china. Why would the United States every allow our people to be free to buy whatever they want? How dAnGeRoUs
Modi takes Adani to Nepal, Bangladesh, Australia, EU nations, US etc as if Adani is his boss CEO & Modi is his employee while indulging in corrupt energy, transmission deals with these nations just like Rafael scam.Oppn in other nations have made Modi resign for such corruption
Who?
Not gonna lie, I sold out after the rally but shit like this makes me wanna buy again
🧐🤔 no Communism is virus , capitalism allows profit loss risk live it or die 🧘♂️👏👏
Always smart to follow China’s lead.😜
Because it erodes the very fundamentals that the banking industry was built upon. Change is coming. Empires fall.
Yes! We should ban a fair decentralized global monetary system like Bitcoin and work on having better relations with communists. What a great guy!
❤❤❤❤
Someone explain it to him like it’s a VCR ChokeOnThat Bitcoin Ethereum DOGE SHIBARMY
They should but won’t. Think of a rotary phone and an iPhone. Without that technology, we would not evolve. It’s needed. And if we don’t do it, we will fall behind other countries
Ok boomer
Why do people keep interviewing him on topics he knows nothing about?
No no no. Crypto is independent of the central bank Ponzi scheme fake currency used by so many countries. Wake up this fake dollar is owned by private bankers and charge us interest to use. Federal reserve is worse then mafia.
Well, he has enough wealth to move to China. Get going hot shot next flight.
That man still alive ? I thought he pass away.
Can we ban billionaires instead please
He and Buffet were legendarily wrong about the Internet, wrong about Apple, wrong about Amazon, and yet again wrong about Bitcoin. Munger was already 85 when Bitcoin was conceived, so unfortunately he did not grow wiser as he got older.
Munger is an idiot!
We should ban Charlie Munger
He looks old and miserable lol
Agreed. It’s inherently too volatile and mining it produces too much physical heat and waste of energy.
Should they have banned the USD after what Madoff did?
Yeah let's be like China 🤦🏿♂️
No. If lottery exists, why cryptocurrencies shoud not? It's up to gamblers to freely decide in which way to lose their own money.
Woke again tv
Seems like we are getting in line snd following China right to hell.
Chinese Virus 🦠 then Chinese Ballon’s. ChinaJoe standing with China 🇨🇳
Okay, fossil.
Is this guy compromised like the Bidens?
Here’s a thought, let’s send Charlie to China, apparently there’s an air balloon with 1 free seat available.
🦕🦖
ah someone should bring grandpa to bed!
He looks like a decayed mummy
Well, gamble is legal under some conditions and this should apply to cryptos.
Maybe Charlie should relocate to communist China if loves it so much.
They’re all in for China 🇨🇳 🤡🌎🤦♂️
Charlie Munger is an old fart that probably doesn’t even know how to navigate the web or send an email. He thinks a hard drive is a difficult time in the car. 😂
Why I’ve made thousands?
Dont mind us. We're mostly dumb bag holders, Charlie.
Let's start with tiktok
Great idea...that would drive the value up!
I like to dabble in crypto. Sometimes I was pretty genius. But everyone is getting into other sectors anyways EV and metals recycling
I don’t agree with banning things.
Don't mind him.
Why would anyone listen to this guy
Agree. There is no logical reason not to see that it has no value and is going to eventually be worth $0. The fact that all of the major financial institutions in the country haven’t come out and said that is criminal.
Who this guy? Ebenezer Scrooge?
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: BTCTN - 🏆 531. / 51 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: TheBlock__ - 🏆 464. / 53 Read more »
Source: nypost - 🏆 91. / 67 Read more »