Charlie Munger Slams US for Not Banning Crypto Like China: Community Mocks

• Charlie Munger, vice chairman of Berkshire Hathaway, has called for the United States to ban crypto like China did in 2021.
• The online cryptocurrency community reacted with bewilderment and ridicule towards Munger’s suggestion.
• Many argued that such a ban would go against the United States’ principles of freedom.

Charlie Munger Calls for Crypto Ban in US

Charlie Munger, the 99-year-old investment veteran and vice chairman of Berkshire Hathaway, recently published an op-ed piece in The Wall Street Journal calling for the United States to follow China’s example and put a blanket ban on cryptocurrencies.

Crypto Community Reacts with Bewilderment & Ridicule

The cryptocurrency community was quick to react to Munger’s latest anti-crypto arguments, expressing both bewilderment about how measures like China’s crypto ban stack up with the United States’ proclamations that it supports freedom, as well as ridicule for not understanding that crypto is virtually unbannable.

Munger Praises Chinese Crypto Ban

Munger praised China’s decision to put a blanket ban on crypto back in September 2021; claiming “What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense.”

Arguments Against Crypto Ban

Many argued against such a ban on crypto in the US by pointing out that it goes against many fundamental principles of freedom enshrined within American culture and law. For instance, NFT APE author Adam McBride wrote on Twitter: “The battle lines are being drawn. Freedom or tyranny. Non-custodial wallets are the hill we can’t surrender.”

Conclusion

In conclusion, while Charlie Munger may have good intentions behind his calls for a US crypto ban based upon China’s model, many feel he does not understand the realities around cryptocurrency and its virtual unbanability – resulting in strong reactions from within the online cryptocurrency community ranging from ridicule to disbelief at his proposal.