Charlie Munger, vice chairman of Berkshire Hathaway (BRK) and a fervent opponent of bitcoin, has urged on the United States to follow China's lead and outlaw cryptocurrencies.

Since cryptocurrency assets aren't securities, commodities, or currencies, Munger said in a Wall Street Journal opinion post that there is a regulatory void to blame for the emergence of cryptocurrencies.

"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, the U.S. should now enact a new federal law that prevents this from happening."

Munger, referring to the relative success of Bitcoin (BTC) at the time, called it "disgusting" in 2021 after implying that kidnappers and extortionists utilize it. A year later, the 99-year-old reiterated his skepticism and referred to Bitcoin as a "investment in nothing."

Munger has previously attacked cryptocurrencies, as has Warren Buffett, the chairman of Berkshire Hathaway and the so-called "Oracle of Omaha." Munger has even gone so far as to remark that he wishes cryptocurrencies had never been created.

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