‘They Will Come To a Bad Ending’ – Billionaire Buffet on Cryptos

‘They Will Come To a Bad Ending’ – Billionaire Buffet on Cryptos

Rich and influential in the financial world people keep bullying bitcoin. On Wednesday, January 10, bitcoin’s long-term enemy Warren Buffet “predicted” bad ending for cryptos.

Buffet’s Comments

World’s wealthiest person, investor Warren Buffett strongly believes that the frenzy over digital coins will not turn out well. In an interview with CNBC, he emphasized that he has no idea either about when precisely it will happen or when.

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

The chairman and CEO of Berkshire Hathaway also added:

"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."

Moreover, Buffet emphasized he wouldn’t either take a short position on bitcoin-based futures, explaining that he already has difficulties with the businesses that he is aware of, so he would not like to weigh into something that he is barely familiar with, for example, BTC contracts trading.

Other Views

Besides, Charlie Munger, who is Buffett's closest counterpart, also criticized bitcoin’s “bubbliness” in the interview.

Interestingly, Buffets remarks were subsequent to JPMorgan Chase CEO Jamie Dimon’s comments. Dimon, in his turn, regretted labeling bitcoin a “fraud” back in September 2017. However, he reassured that digital assets are still none of his interest. JPMorgan Chairman also claimed that he believes that blockchain is ‘real’.

Dimon added that BTC is precisely what does not allow countries’ authorities to sleep well because of its fast-forwarding growth. However, he has distinct views, hence he is not interested in BTC.

On Wednesday, January 10, bitcoin has been traded at about $14,600, according to the CoinMarketCap. In 2017 the most known cryptocurrency in the world grew by over 1,400%, despite several 30% drops. In mid-December two giant exchanges, Cboe Global Markets and CME Group, which led to bitcoin’s skyrocketing up to $20,000 and to a devastating crash down to $12,000 in the aftermath.