A ‘bad ending’ is coming for cryptocurrencies, warns Warren Buffett
Buffett’s Berkshire Hathaway has also announced an expansion of its board to 14 members
Investment guru Warren Buffett has warned people away from cryptocurrencies such as bitcoin, saying that their skyrocketing value is likely fleeting.
“In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending,” Buffett said in an interview on CNBC on Wednesday.
Now when it happens, or how or anything else, I don’t know. But I know this: 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.”
Buffett, the 87-year-old chairman and CEO of holding company Berkshire Hathaway, is one of the world’s most prominent investors. He is worth an estimated $86.3 billion.
Buffett’s comments came one day after JPMorgan & Chase CEO Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September.