Charlie Munger backs Chinese crypto ban

Berkshire Hathaway vice chairman Charlie Munger has sided with the central government in Beijing, China, on its decision to completely ban cryptocurrencies, along with any associated operations, such as payments or mining.

Munger, who is one of the right hand men of legendary investor Warren Buffett has not minced his words when it comes to crypto, saying it does not qualify as money and predicting the industry’s demise on more than one occasion.

In his latest remark, Munger said “the Chinese made the correct decision, which is just simply to ban them”, referring to cryptocurrencies.

China has issued several follow-up warnings to state-controlled institutions which were ordered to ensure that they are not in any way associated with crypto.

Munger argued that China was acting in a more “adult fashion” and that the country was right to come down “hard on corruption”.

“They are not thinking about the customer; they are thinking about themselves”, he added commenting on the motivation behind crypto businesses.

Munger attracted a fair number of quips back. One twitter handle by the name of @ohihello1 argued that crypto was proof that people can work “smarter, not harder” and still get ahead.

Another comment came from @robustus who used a Buffett quote to dismiss Munger’s latest criticism of crypto: “It takes 20 years to build a reputation and five minutes to ruin it”.

Buffett himself has been a zealous critic of crypto, although the Oracle of Omaha has toned it down over the last years, realizing that he has many serious people against him supporting crypto.

While Buffett has hardly ever been a trend-follower, he has respected others’ right to invest in the sector and diversify their portfolios.

Buffett’s name was attributed to crypto investments earlier this year, specifically in Brazilian digital bank Nubank. Buffett has been quiet on crypto recently, but Munger seems to be happy to hit out at them.

If you are a crypto user, you don’t have to predicate your own judgement on Munger’s. Instead, you are free to explore the many uses of these currencies, including for entertainment at places such as Bitcasino, 1xBit and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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