Munger Calls on U.S. to Ban Cryptocurrencies

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Buffett and Munger have not been very optimistic about cryptocurrencies. Munger once called for the suppression of cryptocurrencies in the United States, but due to loose regulation, cryptocurrencies have not been banned in the United States.

On February 3, Munger recently published a column article criticizing cryptocurrencies again, calling on the United States to ban this virtual currency. China has strict regulatory policies on cryptocurrencies, and Munger undoubtedly mentioned China again this time. He believes that the lack of regulation has led to disgusting excesses and gambling mentality in the encryption field, and the United States should ban cryptocurrencies like China. It is understood that due to domestic lawbreakers using cryptocurrencies for money laundering, this method is not easy to be discovered, so the national regulatory authorities have severely cracked down on it.

Munger said in the article, “This is a gambling contract, the casino has almost 100% advantage, signed in a country that has traditionally only regulated gambling contracts in states with loose competition. Clearly, the United States should now enact a new law. Federal laws prevent this from happening.”

He also mentioned that China strictly prohibits services that provide virtual currency transactions, order matching, token issuance, and derivatives, which can guide how the United States bans cryptocurrencies. “What should the U.S. do after the crypto ban? Well, one more thing might make sense: Thank you Chinese leaders for setting an outstanding example with extraordinary sanity.”