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The cryptocurrency community has mocked well-known Bitcoin (BTC) critic Charlie Munger, vice chairman of Berkshire Hathaway, for calling on the US to follow in China’s footsteps and ban cryptos.

In an article published in The Wall Street Journal, the 99-year-old investment veteran once again criticized cryptocurrency, calling it a “gambling contract with a near 100% house advantage.”

Munger also said that cryptocurrency is “not a currency, not a commodity, and not a security,” adding that “obviously” the U.S. should pass a new federal law banning cryptos.

According to Munger, the best way to approach crypto is to follow the lead of China, which imposed a blanket ban on crypto in September 2021. The vice president of Berkshire Hathaway announced.

“What should the US do after cryptocurrency ban is approved? Well, one more action might make sense. thanks to the Communist leader of China for his excellent example of unreasonableness.”

The community was quick to react to Munger’s recent anti-crypto arguments, with many expressing puzzlement about how measures like China’s crypto ban squared with the United States’ statements that it supports freedom.

“Battle lines are being drawn. Freedom or tyranny? Non-custodial purses are the hill we can’t give up.” NFT APE: by Adam McBride wrote on Twitter.

Others also mocked Munger for not realizing that crypto isn’t practically banned. Indeed, even after “banning” crypto in 2021, China remains the world’s second largest bitcoin miner, and holding crypto is apparently still legal. Furthermore, the idea of ​​lifting the crypto ban has been floating around in China for a while.

Given that Munger called the cryptocurrency a “gambling contract,” it’s worth noting that gambling is legal under US federal law, even though people are losing significant amounts of money on it.

Related to: EU lawmakers vote in favor of more restrictive capital requirements for crypto banks

US casino and mobile gaming app revenue reached a record $54.93 billion in the first 11 months of 2022, according to the Gaming Association of America. The gains led to Americans losing more money on gambling in the first quarter than ever before. in 2022

Many European countries also allow at least some gambling, with around 420,000 British gamblers losing more than $2,000 a year.

Although casinos cause significant losses to investors, Europe and the US have not followed in the footsteps of China, which banned most gambling back in 1949.