Warren Buffett’s business partner Charlie Munger has proposed that the United States should follow in the steps of China to ban cryptocurrencies- which he considers a gambling contract.
The Bitcoin critic added that excesses in the crypto market are due to a gap in regulation. Consequently, he has called on the U.S. government to enact a federal law that will regulate the market.
“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with nearly 100% edge for the house,” Munger add.
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