ICYMI– Club for Growth President David McIntosh Responds to Charlie Munger on Crypto
Washington, D.C. — In case you missed it, Club for Growth President David McIntosh has issued a letter to the editor refuting Charlie Munger’s claim that all digital assets fail to serve as currencies and should be universally banned in the United States.
“Based on his recent letter, it is clear Charlie Munger needs a crash course on cryptocurrencies,” said Club for Growth President David McIntosh. “Not all blockchain currencies and exchanges operate like FTX. Instead of allowing informed consumers to make their own decisions, Mr. Munger believes we should follow the lead of countries, including Communist China, whose governments decided they could make better investment decisions than their citizens.”
Click here to read the full article from Wall Street Journal.
EXCERPTS:
In “Why America Should Ban Crypto” (op-ed, Feb. 2), Charlie Munger argues that the U.S. should follow Communist China. Mr. Munger should be commended for his lifetime of wealth creation, but perhaps he also needs reminding that he became wealthy in a wide-open free market where the government didn’t make investment decisions for its citizens.
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Bitcoin, for example, is decentralized, was released to the public, isn’t owned or controlled by any one firm or individual and has opened up banking to the unbanked—whom the big banks that Mr. Munger invests in won’t serve. Bitcoin also protects against inflation, which is something that traditional financial instruments denominated in fiat currencies can’t do.
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Blockchain currencies, especially bitcoin, are reducing transaction costs, helping people fight government censorship and generating prosperity through investment. Every investment comes with risk.