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NewsMarch 25, 2023·1 min read
Charlie Munger: Ban Cryptocurrencies to Protect Investors
Charlie Munger, billionaire vice chairman of Berkshire Hathaway, called for a ban on cryptocurrencies in an op-ed for the Wall Street Journal. Munger argues that cryptocurrencies are a scam that preys on unsuspecting investors. He claims that cryptocurrencies offer the house a nearly 100% edge and are only regulated by states that compete in laxity, making them a risky investment for the average person.
In the article, Munger calls on Congress to follow China's lead and ban cryptocurrency mining and trading. The People's Republic of China banned cryptocurrency mining and trading in 2021 due to concerns about the possible risks.
Warren Buffet, Munger's long-time business partner, has also expressed doubts about the future of digital assets. In 2018 he famously referred to Bitcoin as 'rat poison squared', arguing that cryptocurrencies have no intrinsic value.
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