There will always be people who like Bitcoin and those who oppose it. Unfortunately, the latter group mainly exists due to a lack of understanding and refusal to embrace modern solutions. Charlie Munger recently called for the US to ban crypto, but Max Keiser has an interesting opinion.
No one is surprised to see certain people dismiss Bitcoin and other cryptocurrencies as if they shouldn’t exist. Unfortunately, numerous individuals, including Peter Schiff, Warren Buffett, and Charlie Munger, maintain that backward mindset. The latter wrote an opinionated mews piece earlier this week. In the piece, he claims the US government should do everything it can to ban cryptocurrency.
While it is OK to have a strong opinion, being ignorant isn’t a good trait. Anyone with a basic understanding of cryptocurrency would know governments cannot “ban” crypto, even if they tried. China has tried to do so through multiple efforts. However, Bitcoin and altcoin trading is still very popular among Chinese users. It is impossible to ban something that can’t be controlled.
In addition, Bitcoin has proven to be beneficial in many ways. Its push for renewable energy while mining has helped power grids across the US and other countries. In addition, its alternative approach to finance creates a vehicle to achieve monetary freedom.
That latter part is one of the key reasons why individuals like Munger want a crypto ban. They aren’t interested in having everyday people explore things Munger and consorts can’t profit from.
Although the opinionated piece got a bit of attention, it is mainly laughed at. Moreover, hardcore Bitcoin supporter Max Keiser shared some insights. He claims that Munger is a “cock block” and wants to delay the inevitable. Bitcoin and crypto aren’t going away and will only build more momentum in the coming years.
Moreover, El Salvador recently proved all the naysayers wrong. Although Munger isn’t a fan of making BTC legal tender in the country, El Salvador didn’t default on its $800 million bond. If anything, the money was paid swiftly despite President Bukele continually buying more BTC with government money.
Building such momentum may be easier in El Salvador than in the US. However, when people like Munger call for a crypto ban, one must wonder about the outcome if the US government fully embraced Bitcoin. It could do a lot of good for millions of people when implemented correctly.
But instead, there is growing talk of a US central bank digital currency. Such a currency would grant more surveillance over consumer spending, which is the last thing people need.
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