Bitcoin Ban

Berkshire Hathaway’s vice chairman, Charlie Munger, called for a ban on cryptocurrency in the United States on Monday, similar to the one in China.  In an op-ed published with the Wall Street Journal, Munger argued that Bitcoin isn’t a currency, commodity, or security, but simply a form of gambling “ with a nearly 100% edge for the house. As such, the enactment of a federal law should ban such things from happening. Munger cited the Chinese communist party’s ban on…

2008 saw bitcoin's launch, following a whitepaper on its technology by an anonymous user called Satoshi Nakamoto. Bitcoin became the world's first cryptocurrency, and since then, there has been a rise of more than 10 thousand other alternative coins. Research shows that the user adoption of crypto in the US has risen to 5%, with bitcoin having a good share.  The introduction of Bitcoin technology caused upheaval across global financial systems. Many jurisdictions didn't understand how the new technology worked…