Charlie Munger, Vice Chairman of Berkshire Hathaway, wants a ban in the US against cryptocurrencies like bitcoin.
Charlie Munger, chief executive of Berkshire Hathaway (BRK), known for his skepticism towards bitcoin, said that cryptocurrencies are not currencies, commodities or securities, and therefore there is uncertainty in the regulations.
According to Munger, cryptocurrencies are “betting contracts in which the house is almost 100% advantageous”.
Munger also criticized the way that cryptocurrencies are allowed, saying that betting contracts are only regulated in the US by states that “neglect” their jobs.
Regarding cryptocurrencies, Munger said, “The United States should enact a federal law that will prevent this from existing.” said.
Munger said that in 2021, bitcoin was used by people who kidnapped children and described the popularity of bitcoin as “disgusting”.