Charlie Munger, The Vice Chairman of Berkshire Hathaway stood his ground against cryptocurrencies, urging to the U.S. government to ban cryptocurrencies.
Charlie Munger hits back again, this time the topic is cryptocurrency. Reiterating his statement, he insisted on a nationwide ban on crypto just like China. He further argued the lack of regulations has enabled fraudsters with gambling mentality to exploit the system.
Munger and his billionaire investor Warren Buffet are advocating a blanket ban on cryptocurrency from the time these virtual digital assets caught the attention of mainstream media agencies.
Munger remarks came at a time when the cryptocurrency market lost more than $2 trillion in value last year. Bitcoin and Ethereum crashed more than 70% after reaching an all-time high of $69000 and $4000 respectively in the year 2021.
According to Munger, privately owned companies have misused the technology and flooded the market with new cryptocurrencies. All these cryptocurrencies were speculative and were traded publically without any formal approval from the government.
As a result, most of these cryptocurrencies were largely issued to the promoters of the project for almost no price, after which the public invests in them without realizing the pre-dilution which is already in favour of the promoters.
He also stressed on thanking China for leading the way in banning crypto assets and that the U.S. should follow the Chinese way if it wants to stop such acts related to the crypto industry.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
