Munger is vice chairman of Berkshire Hathaway and long-time Buffett colleague.
He write an op-ed in the Wall Street Journal (gated) saying crypto displays “wretched excess” that has continued “because there is a gap in regulation”.
- 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. Obviously the U.S. should now enact a new federal law that prevents this from happening.
More here at the piece, which is, as I say, gated:
Bitcoin update, at least the punters are smiling with its recent move higher:
