Warren Buffett’s Right-Hand Calls for Bitcoin Ban

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Alex Dovbnya

Munger advocates for a ban on Bitcoin and other cryptocurrencies, arguing that the recent proliferation of privately-issued cryptocurrencies has led to a regulatory gap and a disregard for consumer protections

In a recent op-ed published by the Wall Street Journal, Charlie Munger, vice chairman of multinational conglomerate holding company Berkshire Hathaway, headquartered in Omaha, argues that the United States should impose a federal ban on cryptocurrencies.

Munger believes that a cryptocurrency is just a gambling contract, refusing to recognize digital assets as securities or commodities and complaining about the lack of investor protection.

Warren Buffett’s right-hand man suggests the US should follow China’s lead in banning cryptocurrencies.

Munger also cites England’s reaction to a depression in the early 1700s as another precedent for a blanket ban on digital assets.

In response to a promotional program that led to a depression, the English Parliament banned all public trading in new ordinary shares. Prohibition had been in place for about 100 years, and Munger argues that during this time England made the greatest national contribution to enlightenment and the Industrial Revolution, and also spawned the United States.

Munger concluded his op-ed by calling on the United States to follow the Chinese communist leader’s “splendid example of common sense” and ban cryptocurrencies to avoid further harm to the public.

As reported by U.Today, Munger has been one of Bitcoin’s harshest critics. Last year, he predicted that the flagship cryptocurrency was likely to drop to zero.

In the past, the prominent investor has also likened crypto to a venereal disease and a louse.

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