Billionaire Charlie Munger Criticizes Cryptocurrency Yet Again
Billionaire Charline Munger, vice chairman of one of the biggest holding companies Berkshire Hathaway, and renowned crypto skeptic renewed his criticism by urging US regulators to ban cryptocurrency.
99-year-old Munger shared his opinion in a WSJ article released on the 1st of February.
“A cryptocurrency is not a currency, is not a commodity, and is not a security. Instead, it is a gambling contract with an almost 100 percent house edge, entered into a country where gambling contracts are traditionally regulated only by states that compete on negligence.”
He calls token presales exclusive to VCs “predatory tokenomics” as big investors could dump their holdings onto retailers.
Munger argues that “this kind of unfortunate excess happens because there’s a regulatory gap,” referring to the government’s need for prior approval of disclosures before forcing a private company to issue a new coin.
The billionaire urged the US to follow China’s lead and ban cryptocurrencies, saying the nation should thank “Chinese communist leader [Xi Jinping] for his splendid example of uncommon sense.”
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In May 2021, Munger stated that digital assets are “abhorrent and contrary to the interests of civilization” and that he doesn’t “welcome a currency that is so useful to kidnappers, extortionists, etc.“.
Warren Buffet, Charlie Munger’s partner and chief executive officer at Berkshire, has also shown his disregard for cryptocurrency.
During an interview with CNBC in 2018, Buffet stated that “the idea [that Bitcoin] has some huge intrinsic value, I think, is a joke.“
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
