Buffett: Cryptocurrencies are headed for a 'dangerous ending'

Cornelia Mascio
Gennaio 13, 2018

In more bad news for Bitcoin investors, Warren Buffett denounced cryptocurrencies telling CNBC that he believes "with nearly certainty they will come to a bad ending".

Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon.

Of options trades that would profit from price declines, he 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".

Earlier yesterday, the Omaha-based conglomerate announced the appointment of two new vice chairs.

Buffett was interviewed by CNBC in Omaha, Nebraska.

"I get into enough trouble with things I think I know something about", he added.

Buffett said he would not take a short position on bitcoin futures. "Why in the world should I take a long or short position in something I don't know anything about".

JP Morgan Chase CEO Jamie Dimon made headlines after he called Bitcoin a "fraud" but has since softened his position on the cryptocurrency.

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.

Warren Buffett has become the latest high-profile investor to voice concerns about cryptocurrencies.

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