Charlie Munger: The U.S. 'should ban crypto,' it's a 'gambling contract' crypto Munger
As the crypto market gets a boost from the latest rally in risk-on assets, Berkshire Hathaway Vice Chairman Charlie Munger says the U.S. should follow China's actions and ban the crypto market.
"Such wretched excess has gone on because there is a gap in regulation," he noted."A cryptocurrency is not a currency, not a commodity, and not a security. Instead, 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. Obviously the U.S. should now enact a new federal law that prevents this from happening.
The second model was England banning all public trading in new common stocks for about 100 years in the early 1700s.
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