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

14 January, 2018, 13:43 | Author: Regina Silva
  • Warren Buffett says bitcoin 'definitely will come to a bad ending'

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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