Warren Buffett says bitcoin 'definitely will come to a bad ending'

14 January, 2018, 13:43 | Author: Regina Silva
  • Berkshire Hathaway (BRK.B) Upgraded by Zacks Investment Research to “Buy”

Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffet explained.

Buffett was interviewed by CNBC in Omaha, Nebraska. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

Abel was named Berkshire's vice chairman for non-insurance business operations, and Jain was named vice chairman for insurance operations. "We don't own any, we are not short any, we will never have a position", he said.

Later in the interview he added: "I think what is going on will definitely come to a bad ending".

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The man who is considered Buffett's "right hand", Charlie Munger, also sees a lot of fright, but little sense in the cryptocurrencies. That said, this does not do much to make the succession plan at Berkshire any clearer than it was a week ago, with the moves only adding credence to our long-standing belief that Jain and Abel are the two leading candidates to replace Buffett once he departs the scene. "Why, with all the other options, I have to borrow a long or short position for something I cannot understand", added the investor.

Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a "fraud".

Bitcoin surged to a high of over $19,000 past year, and has created a divide on Wall Street about whether it could be considered a legitimate financial instrument or not.

Buffett didn't explain the reason for his dire predictions, but has previously expressed concern about cryptocurrencies' lack of intrinsic value.

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