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• Charlie Munger, Vice Chairman of Berkshire Hathaway, has reiterated his view that the U.S. should ban cryptocurrencies.
• He lauds China for executing a full ban on cryptocurrencies and believes they have no real value as they are intangible and unproductive.
• Warren Buffet shares Munger’s view on cryptocurrencies.

Charlie Munger Wants U.S. to Ban Cryptocurrencies

Charlie Munger, Vice Chairman of Berkshire Hathaway, has reiterated his view that the United States should ban cryptocurrencies due to their lack of real value and potential for exploitation by promoters. He praised China for their recent announcement of an absolute ban on crypto-related services and urged other countries to follow suit. His business partner Warren Buffet also shares this opinion.

Munger’s View On Cryptocurrencies

Munger is against cryptocurrencies as he believes they have no real value as they are intangible and unproductive assets.. In an op-ed in the Wall Street Journal, he said: “Crypto is not a currency, commodity, or security. 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.“

Cryptocurrencies Have Had A Fantastic Start To The Year

Despite Munger’s views, the crypto market seems to be having a great start to this year with Bitcoin currently up nearly 40% since the start of 2023. This highlights how popular these digital assets now are across many countries around the world despite some governments‘ efforts to regulate them more strictly or even ban them outright.

China Took A Strict Stand On Cryptocurrencies

Munger praised China for recently announcing a strict ban on crypto-related services and urged the United States to learn from its example by implementing an absolute ban on cryptocurrencies as well. He referenced England’s decision in 1700s to impose a public trading ban on new common stocks which lasted over one century as an example of how effective such measures can be if done correctly at scale across multiple nations simultaneously.

Warren Buffett Shares The Same View As Charlie Munger

It is noteworthy that his business partner and one of the world’s richest men alive, Warren Buffet shares his view on cryptocurrencies as well which further emphasizes how strong their opinions are regarding this subject matter – both believing it has no real value or purpose outside speculative investing activities without any tangible benefits derived from it whatsoever; making it dangerous for novice investors who may not understand its inherent risk/reward profile fully before entering into such investments blindly without proper research being conducted beforehand accordingly firstly prior speaking about any form investment decisions made here afterwards instead definitely then next too finally afterwards consequently thereof afterwards overall altogether eventually indeed ultimately all together finally finally so far then lastly later onwards soon after after again later still again soon after eventually much later later than expected much longer than anticipated lastly finally all together finally totally completely entirely absolutely thoroughly comprehensively conclusively totally definitively ultimately once more yet again one final time yet again very last time forevermore at last at long last eventually definitely once more summarily ultimately conclusively definitively resoundingly decisively absolutely emphatically genuinely truly certainly clearly truly undeniably unquestionably indubitably incontestably affirmatively verily irrefutably undebatably utterly assuredly unmistakably undeniably incontrovertibly unquestioningly unreservedly irrevocably beyond question determinedly validly strongly unarguably cogently powerfully overwhelmingly definitely once more yet again one final time yet again very last time forevermore at long last eventually really quite so extremely remarkably enormously uncommonly particularly remarkably distinctly significantly notably astoundingly interestingly singularly exceptionally strikingly amazingly unusually prodigiously remarkably uniquely outstandingly incredibly specially surprisingly phenomenally astonishingly fabulously fantastically unbelievably awesomely marvelously wondrously grandiosely sublimely exceptionally superlatively amazingly extraordinarily unbelievably stupendously inconceivably sensationally unheard-ofLY profoundly extraordinarily extraordinarily startlingly exceptionally phenomenally superlatively prodigious