Community mocks Charlie Munger for his obsession with China’s Bitcoin ban
The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger, vice chairman of Berkshire Hathaway, for calling the United States to follow in the footsteps of China and ban crypto.
In an op-ed article in The Wall Street Journal, the 99-year-old investment veteran has once again slammed crypto, calling a cryptocurrency a “gambling contract with a nearly 100% edge for the house.”
Munger also said that a cryptocurrency is “not a currency, not a commodity, and not a security,” adding that “obviously” the U.S. should enact a new federal law that would ban crypto.
According to Munger, the best way to approach crypto is to follow the example of China, which put a blanket ban on crypto in September 2021. The Berkshire Hathaway vice chairman stated:
The community was quick to react to Munger’s latest anti-crypto arguments, with many expressing bewilderment about how measures like China’s crypto ban stack up with the United States’ proclamations that it supports freedom.
“The battle lines are being drawn. Freedom or tyranny. Non-custodial wallets are the hill we can’t surrender,” NFT APE author Adam McBride wrote on Twitter.
Others also mocked Munger for not understanding that crypto is virtually unbannable. Indeed, even after “banning” crypto in 2021, China has continued to be the second-largest Bitcoin miner in the world, and possessing crypto is apparently still legal. Moreover, the idea of lifting the crypto ban has been floating around in China for a while.
It’s sad that Charlie munger believes he’s doing something by calling for a ban. Doesn’t understand it’s math and can’t be banned. Old age deteriorates critical thinking skills.
Given that Munger called cryptocurrency a “gambling contract,” it’s worth
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