Cryptocurrencies ‘will come to bad end’, says Warren Buffett

Billionaire investor Warren Buffett said that he would never invest in Bitcoin or other cryptocurrencies, and predicted the wildly popular assets are in for a fall.

The investor behind Berkshire Hathaway is still not keen on bitcoin.

“I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview.

He further added that, When it happens or how or anything else, I don’t know,” he added in an interview on CNBC’s “Squawk Box” from 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.”

Buffet also said that did not know much about bitcoin futures but added that his company Berkshire Hathaway did not own any and would “never have a position in them.”

He said, “I get into enough trouble with things I think I know something about,” he added. “Why in the world should I take a long or short position in something I don’t know anything about.”

Charlie Munger, his longtime partner at his investment company backed Warren’s comments stating that the soaring values of Bitcoin and the other cryptocurrencies as “bubbles”. Munger said investors “are excited because things are going up at the moment and it sounds vaguely modern. But I’m not excited.”

Munger is not sold on cryptocurrencies and has criticized them persistently. Cryptocurrencies have risen in value in the recent months. Last year, he said the soaring values of the currencies were “total insanity”.

He told an audience at the University of Michigan’s Ross School of Business: “I think it is perfectly asinine to even pause to think about them. It’s bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insight or work.”

Warren Buffet and Charlie Munger, two of the world’s most successful investors, say they would never invest in cryptocurrencies. Buffet’s commented a day after J.P. Morgan Chase Chairman and CEO Jamie Dimon back-pedaled his earlier criticisms of cryptocurrencies. In September, Dimon had called bitcoin a fraud.

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