Munger is vice chairman of Berkshire Hathaway and long-time Buffett colleague.
He write an op-ed within the Wall Avenue Journal (gated) saying crypto shows “wretched extra” that has continued “as a result of there’s a hole in regulation”.
- A cryptocurrency just isn’t a forex, not a commodity, and never a safety. As a substitute, it’s a playing contract with an almost 100% edge for the home, entered into in a rustic the place playing contracts are historically regulated solely by states that compete in laxity. Clearly the U.S. ought to now enact a brand new federal regulation that forestalls this from occurring.
Extra right here on the piece, which is, as I say, gated:
Bitcoin replace, no less than the punters are smiling with its current transfer larger:
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