The online community has expressed concern about how China’s crypto ban is consistent with the principles of freedom proclaimed in the United States.
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critic Charlie Munger, vice chairman of Berkshire Hathaway, for urging the United States to follow in China’s footsteps and ban crypto.
In an op-ed article in The Wall Street Journal, the 99-year-old investment veteran once again embraced crypto, calling cryptocurrency a “gambling contract with a near 100% house edge.”
Munger also said that cryptocurrency is “not a currency, not a commodity and not a security,” adding that “clearly” the US should introduce a new federal law that would ban crypto.
According to Munger, the best way to approach crypto is to follow the example of China, which completely banned crypto in September 2021. The vice chairman of Berkshire Hathaway said:
“What should the US do after the cryptocurrency ban is in place? Well, one more action might make sense: Thank the communist leader of China for his good example of common sense.”
The public was quick to react to Munger’s latest anti-crypto arguments, with many expressing confusion about how moves like China’s crypto ban add to the United States’ declarations that it supports freedom.
“The battle lines are being drawn. Freedom or tyranny. Unguarded wallets are the hill we can’t give up,” Adam McBride, author of the NFT APE, wrote on Twitter.
Others also mocked Munger for not realizing that crypto is virtually unbreakable. In fact, even after crypto is “banned” in 2021, China is still the second largest Bitcoin miner in the world, and it appears that crypto ownership is still legal. Additionally, the idea of lifting the encryption ban has been floating around in China for some time.
Since Munger called cryptocurrency a “gambling contract,” it’s worth noting that gambling is legal under US federal law, despite the fact that people lose significant money from it.
Related: EU lawmakers vote for stricter capital requirements on banks with crypto
According to data from the American Gaming Association, US casinos and mobile gambling apps generated $54.93 billion in revenue during the first 11 months of 2022. The revenue came at the expense of Americans who lost more money than ever on gambling in the first quarter. of 2022.
Many European countries also allow at least some gambling, with around 420,000 UK gamblers losing more than $2,000 a year.
Despite the fact that casinos cause significant losses to investors, Europe and the US did not follow in the footsteps of China, which banned most forms of gambling in 1949.
