"It's true that Charlie Munger didn't like Bitcoin from the beginning."
Charlie Munger, Vice Chairman of Berkshire Hathaway and Warren Buffett's right-hand man who believes that cryptocurrencies will bring harm has urged the United States (US) government to ban all digital assets.
According to him, crypto will have a negative impact on the country's economy as digital assets are not only traded openly without government pre-approval but most unregistered private companies act to launch thousands of cryptocurrencies.
Munger also equated digital assets with the famous US writer Mark Twain's statement that "A mine is a hole in the ground with a liar on top" which means the mastermind is a liar to issue shares and trap or deceive other individuals.
Blaming the government for not implementing stricter regulations, Munger said that digital assets are neither currencies nor commodities, where he defined them as one of the gambles that would threaten the country.
Following the streak, he urged the US to enact new federal legislation to ban crypto.
In support of his opinion, he took the situation of the Chinese communist government which recently banned crypto by describing it as a wise decision knowing that it would have negative consequences.
