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Crypto Community Erupts After Charlie Munger's Latest Controversial Comments

By Tony Owusu,


Ok Twitter, tell us how you really feel about Charlie.

Yes, Charlie Munger has been around for a while.

The nonagenarian turned 99 a few weeks ago.

But that doesn't necessarily mean he doesn't understand what bitcoin is and what it could bring to the table as the bedrock of decentralized finance.

Don't tell that to the people on social media, though, who took umbrage with his latest comments trashing cryptocurrencies and calling on the U.S. to ban them.

Most of the jokes from the bitcoin crowd settled on Munger's age.

The narrative is that his age puts him out of touch with the new generation of investors hoping to become billionaires like him, but with a different kind of investment vehicle.

We here at TheStreet condemn any discriminatory comments based on a person's age. It's not Munger's fault that he was born nearly 100 years before bitcoin, K-pop, and K-pop NFTs.

Regardless of whether you think his age is dictating his stance on cryptocurrencies, his comments at least reveal a clear-eyed view of the situation...whether he is right or wrong.

Munger's Take on Crypto

Munger, the vice chairman of Berkshire Hathaway, asked the U.S. government to follow China's lead and ban cryptocurrencies in a Wall Street Journal op-ed Thursday.

"A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity," Munger stated.

"Obviously the U.S. should now enact a new federal law that prevents this from happening."

Munger looks to the China for guidance as he states that the country banned cryptocurrencies because "it wisely concluded that they would provide more harm than benefit."

Some see the praise of China's tight monetary control as a negative though.

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