Warren Buffett: Cryptocurrency Will Come to a Bad Ending

January 11, 2018

Warren Buffett: Cryptocurrency Will Come to a Bad Ending

One of the most famous investors and third-richest man in the world Warren Buffett said that there are hard times coming for the cryptocurrency market.

Buffet told CNBC:

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad endingWhen it happens or how or anything else, I don't know."

Buffett admitted that he does not understand the point of Bitcoin futures and added that his company Berkshire Hathaway would not sell them:

"We don't own any, we're not short any, we'll never have a position in them. I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don't know anything about."

In October 2017 Buffet called Bitcoin 'a real bubble' and added that it is impossible to value it because 'it’s not a value-producing asset'.

It is worth noting that recently one of the most vocal Bitcoin critics JPMorgan Chase CEO Jamie Dimon has softened his position and admitted he was wrong. 

"I regret making this comments," he said on Fox Business.

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