The US let a ‘bad genie out’ by allowing crypto trading

0

[ad_1]

Munger said China was “wiser” for banning crypto trading and that the US’ failure to act is like letting a “bad genie out of the bottle.”

Charlie Munger, the Vice Chairman of Berkshire Hathaway says the US government made a “huge mistake” in not banning cryptocurrency trading, noting that the “bad genie” got out of the bottle.

The Daily Journal Chairman made the remarks during an interview with Yahoo Finance on Wednesday.

In the wide-ranging interview, Munger told Yahoo Finance’s Andy Serwer that Bitcoin, despite its massive success over the years and growing mainstream acceptance, remains the ideal currency for extortion and racketeering among other negative things.

The veteran investor, who has remained critical of Bitcoin and crypto trading, believes the government should have cracked down on the sector.

“I don’t think it’s good that our country is going crazy over bitcoin and its ilk,” he adds.

He noted that he doesn’t understand why a “civilized government” would want to allow Bitcoin to come into the payment system, given its “run by a bunch of people who want to get rich quick for doing very little for civilization?”

In his opinion, China was “wiser” than the US for banning crypto trading.

Asked about his predictions on what he thinks is going to happen regarding crypto regulation in the US, Munger was even more critical.

“You let a bad genie out of a bottle, God knows what happens. I think it was a huge mistake to allow it at all,” he said.

The Berkshire vice-Chair also criticized regulators who join crypto firms after they exit their government jobs, noting that such moves make it difficult for authorities to come up with “wise decisions about something like Bitcoin.”

Munger’s comments mirror those of Warren Buffet, the billionaire investor and Chairman of Berkshire Hathaway. Buffet has previously criticized Bitcoin as ‘rat poison squared.”

The remarks also come as the US government looks to regulate the crypto sector, but with the Fed and the US Securities Exchange Commission noting in 2021 that they were not considering a ban on crypto.

Apart from China, countries that have come close to banning crypto trading are Russia and India. Both have however not taken the Chinese route yet.

[ad_2]

Source link

Leave A Reply

Your email address will not be published.


bitcoin
Bitcoin (BTC) $ 112,703.20
ethereum
Ethereum (ETH) $ 4,243.99
xrp
XRP (XRP) $ 2.86
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 842.43
solana
Solana (SOL) $ 181.43
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,233.67
tron
TRON (TRX) $ 0.355003
dogecoin
Dogecoin (DOGE) $ 0.216855
cardano
Cardano (ADA) $ 0.857608
chainlink
Chainlink (LINK) $ 25.00
wrapped-steth
Wrapped stETH (WSTETH) $ 5,117.30
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 112,703.20
hyperliquid
Hyperliquid (HYPE) $ 40.78
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 4,559.81
stellar
Stellar (XLM) $ 0.392996
sui
Sui (SUI) $ 3.43
ethena-usde
Ethena USDe (USDE) $ 1.00
wrapped-eeth
Wrapped eETH (WEETH) $ 4,541.11
bitcoin-cash
Bitcoin Cash (BCH) $ 557.14
hedera-hashgraph
Hedera (HBAR) $ 0.237103
avalanche-2
Avalanche (AVAX) $ 22.88
weth
WETH (WETH) $ 4,244.16
leo-token
LEO Token (LEO) $ 9.58
litecoin
Litecoin (LTC) $ 115.22
the-open-network
Toncoin (TON) $ 3.33
usds
USDS (USDS) $ 0.999944
shiba-inu
Shiba Inu (SHIB) $ 0.000012
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999825
uniswap
Uniswap (UNI) $ 10.29
whitebit
WhiteBIT Coin (WBT) $ 42.80
polkadot
Polkadot (DOT) $ 3.81
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 112,738.21
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.19
bitget-token
Bitget Token (BGB) $ 4.66
okb
OKB (OKB) $ 235.00
monero
Monero (XMR) $ 260.78
crypto-com-chain
Cronos (CRO) $ 0.141846
aave
Aave (AAVE) $ 300.64
pepe
Pepe (PEPE) $ 0.000010
dai
Dai (DAI) $ 1.00
ethena
Ethena (ENA) $ 0.633427
mantle
Mantle (MNT) $ 1.24
bittensor
Bittensor (TAO) $ 338.99
ethereum-classic
Ethereum Classic (ETC) $ 21.10
near
NEAR Protocol (NEAR) $ 2.46
aptos
Aptos (APT) $ 4.43
ondo-finance
Ondo (ONDO) $ 0.920941
pi-network
Pi Network (PI) $ 0.356332
bitcoin
Bitcoin (BTC) $ 112,703.20
ethereum
Ethereum (ETH) $ 4,243.99
xrp
XRP (XRP) $ 2.86
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 842.43
solana
Solana (SOL) $ 181.43
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 4,233.67
tron
TRON (TRX) $ 0.355003
dogecoin
Dogecoin (DOGE) $ 0.216855
cardano
Cardano (ADA) $ 0.857608
chainlink
Chainlink (LINK) $ 25.00
wrapped-steth
Wrapped stETH (WSTETH) $ 5,117.30
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 112,703.20
hyperliquid
Hyperliquid (HYPE) $ 40.78
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 4,559.81
stellar
Stellar (XLM) $ 0.392996
sui
Sui (SUI) $ 3.43
ethena-usde
Ethena USDe (USDE) $ 1.00
wrapped-eeth
Wrapped eETH (WEETH) $ 4,541.11
bitcoin-cash
Bitcoin Cash (BCH) $ 557.14
hedera-hashgraph
Hedera (HBAR) $ 0.237103
avalanche-2
Avalanche (AVAX) $ 22.88
weth
WETH (WETH) $ 4,244.16
leo-token
LEO Token (LEO) $ 9.58
litecoin
Litecoin (LTC) $ 115.22
the-open-network
Toncoin (TON) $ 3.33
usds
USDS (USDS) $ 0.999944
shiba-inu
Shiba Inu (SHIB) $ 0.000012
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999825
uniswap
Uniswap (UNI) $ 10.29
whitebit
WhiteBIT Coin (WBT) $ 42.80
polkadot
Polkadot (DOT) $ 3.81
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 112,738.21
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.19
bitget-token
Bitget Token (BGB) $ 4.66
okb
OKB (OKB) $ 235.00
monero
Monero (XMR) $ 260.78
crypto-com-chain
Cronos (CRO) $ 0.141846
aave
Aave (AAVE) $ 300.64
pepe
Pepe (PEPE) $ 0.000010
dai
Dai (DAI) $ 1.00
ethena
Ethena (ENA) $ 0.633427
mantle
Mantle (MNT) $ 1.24
bittensor
Bittensor (TAO) $ 338.99
ethereum-classic
Ethereum Classic (ETC) $ 21.10
near
NEAR Protocol (NEAR) $ 2.46
aptos
Aptos (APT) $ 4.43
ondo-finance
Ondo (ONDO) $ 0.920941
pi-network
Pi Network (PI) $ 0.356332
Shares