Breaking News
Investing Pro 0
Free Webinar - Unlock Divergence Trading: Learn from Seth Julian MBA | Thursday, March 23, 2023 | 10:00AM PST Enroll Now

Berkshire Hathaway VC: US Should Emulate China’s Crypto Ban

Cryptocurrency Feb 02, 2023 02:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters Berkshire Hathaway VC: US Should Emulate China’s Crypto Ban
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

  • Charlie Munger opines that the United States should ban cryptocurrencies following regulatory insufficiency.
  • Wall Street Journal commenters express agreement and aversion to Munger’s opinion piece.
  • The newest opinion piece continues a chain of crypto-skepticism from Munger.

On February 1st, 2023, Berkshire Hathaway (NYSE:BRKa) (BRK) vice chairman, Charlie Munger, published an opinion piece in the Wall Street Journal (WSJ) in which he opined that the United States should ban cryptocurrencies.

The VC has attributed the adoption and rise of cryptocurrencies to a lack of government regulation, asserting that the U.S. should enact new federal laws and eliminate the gray areas in which this “wild and wooly capitalism” has been unraveling.

The latest opinion piece by Munger is the newest in a series of skeptical opinions by the VC, who has a reputation for his criticism of cryptocurrencies.

A Serial Skeptic

According to Munger, “cryptocurrency is not a currency, not a commodity, and not a security,” but rather a “gambling contract with a nearly 100% edge for the house.”

In his WSJ commentary, he references two historical precedents which, according to him, could lead the US down a similar path of “sound action.”

Munger’s first precedent includes the Chinese government’s ban on cryptocurrencies, stating that China concluded that cryptocurrencies would harm its people more than benefit them.

Secondly, Munger referenced the occurrence in the early 1700s when England was in a depression after a promotional plan failed. The English Parliament reportedly banned all public trading in new common stocks for about 100 years. At the time, England made significant contributions to the Enlightenment and the Industrial Revolution and spawned a new country called the United States, as explained by Munger.

The opinion piece has accumulated close to 500 comments from WSJ subscribers in less than 24 hours since it was published.

Stirring a Conversation

WSJ commenters are expressing both aversion and agreement with the opinion piece by either dissecting Munger’s historical precedents and statements or resonating with them.

The comment with the most community likes thus far was written by Mike Konczal, who criticized Munger’s opinion by asking:

“Governments that run lotteries are going to ban crypto because it is gambling?”

Another community member, Reddy D, supports the commentary made by Munger, saying the U.S. should ban crypto, and asserts that:

“Crypto has no benefit to society, created many bad actors, its global gambling.”

The most recent commentary on Munger’s WSJ opinion piece appears to agree with his claims that the U.S. government either has too little regulation over cryptocurrencies or that cryptocurrency trading is a high-risk gamble.

On the Flipside

  • The crypto market has seen notable increases across the board following the Federal Reserve’s most recent FOMC meeting.
  • It remains to be seen whether the United States government will impose complete bans or regulations on cryptocurrency activity.

Why You Should Care

Banning cryptocurrencies in the United States could have deep-reaching consequences on the global economy, potentially reducing foreign investment, impacting international trade, and continuing the ban cycle to more countries.

Read more about Charlie Munger’s prior commentary on China’s crypto ban:

Billionaire Investor Charlie Munger Wishes Crypto Was Banned and Admires China’s Stance

Read more about crypto regulation in the United States:

Next US Congress to Legislate on Stablecoin Regulation

See original on DailyCoin

Berkshire Hathaway VC: US Should Emulate China’s Crypto Ban

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email