Warren Buffett: Cryptocurrencies Will Come to a ‘Bad Ending’

9. January 2018.

Warren Buffett: Cryptocurrencies Will Come to a ‘Bad Ending’

Warren Buffett, the billionaire investor behind Berkshire Hathaway, is still not sold on bitcoin.

In an interview with CNBC Wednesday, Buffett predicted the demise of cryptocurrencies, saying:

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending … When it happens or how or anything else I don’t know.”

He continued to say he would bet on their price declining over the next five years if he could.

The noted investor further conceded he did not know a lot about bitcoin futures, but added that Berkshire Hathaway did not own any and would “never have a position in them.”

Buffett’s latest remarks come three months after he called bitcoin a “real bubble,” and said investors would not be able to value the world’s largest cryptocurrency by market cap because bitcoin did not inherently produce value.

The bitcoin bear joins JP Morgan Chase chief executive Jamie Dimon in reiterating concerns about the cryptocurrency this week. While Dimon told Fox Business that he regrets calling bitcoin a “fraud” last year, he still does not believe in the cryptocurrency.

Shortly after his infamous comments, Dimon had doubled down, saying anybody “stupid enough to buy” bitcoin would “pay the price” for doing so.

Warren Buffett image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Published at Wed, 10 Jan 2018 16:05:09 +0000

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