Charlie Munger Is Against Cryptocurrency

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In an op-ed written by billionaire investor Charlie Munger and published by Wall Street Journal talks about why America should ban crypto.

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Munger claimed in his op-ed that cryptocurrency isn't a currency, a commodity, or a security.

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He said it’s a gambling contract with a nearly 100% edge for the house.

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He detailed that in US privately-owned companies have issued thousands of new cryptocurrencies in recent years.

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Munger added that they later went public without any governmental pre-approval of disclosures.

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He also brought up China's decision to ban cryptocurrency because it will create more harm than good.

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Earlier, Munger’s partner Warren Buffett quoted Bitcoin as “probably rat poison squared”.

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