Charlie Munger once again slammed cryptocurrencies and suggested a ban on all Crypto assets in the United States.
Charlie Munger is vice chairman of Berkshire Hathaway. Berkshire Hathaway is a US-based multinational conglomerate holding company headquartered in Omaha, Nebraska. This company’s main business and source depend on insurance services.
Recently Charlie Munger spoke with Wall Street Journal to share his personal opinion on digital assets like Bitcoin, Ethereum, etc.
Munger noted that cryptocurrency adoption is surging in the world because of the absence of a regulatory framework in this sector and also noted that crypto-assets don’t lie in the category of security or commodity, so it is better to leave this sector without any regulatory efforts.
Berkshire Hathaway official stated:
“(Cryptocurrencies are) gambling contracts 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.”
In this way, Munger suggested federal authorities impose a full ban on cryptocurrencies. In the past, he passed many Crypto hate statements. He believes that cryptocurrencies are the best tool for kidnappers & extortionists.
Earlier this Berkshire Hathaway Chairman Warren Buffett passed many negative comments over the surging investment in Bitcoin. According to Buffett, Cryptocurrencies are backed by nothing & he will never purchase Bitcoin.
These Crypto hater personalities are king in stock market investment. Buffett believes that stock price always depends upon the long-term performance of corresponding companies and we should wait at least 10 years. In short, he believes stock trading is a game of patience but he is against those assets which give huge returns in a small time frame.