Buffett on cryptocurrencies: ‘I can contend roughly with certainty that they will come to a bad ending’

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Warren Buffett, Chairman and CEO of Berkshire Hathaway.


Billionaire financier Warren Buffett told CNBC on Wednesday the new disturb over bitcoin and other cryptocurrencies won’t end well.

“In terms of cryptocurrencies, generally, we can contend with almost certainty that they will come to a bad ending,” the authority and CEO of Berkshire Hathaway said.

“When it happens or how or anything else, we don’t know,” he combined in an talk on CNBC’s “Squawk Box” from Omaha, Nebraska. “If we could buy a five-year put on every one of the cryptocurrencies, I’d be blissful to do it but we would never brief a dime’s worth.”

Also on the show, Buffett’s right-hand man, Charlie Munger, also bloody frothiness in bitcoin — and in try collateral funding.

Earlier Wednesday, the Omaha-based firm announced the appointment of two new clamp chairs. Gregory Abel, 55, will be clamp chair of non-insurance businesses. Ajit Jain, 66, will be clamp chair of word operations.

Buffett pronounced he would not take a brief position on bitcoin futures.

“We don’t possess any, we’re not brief any, we’ll never have a position in them,” he said.

Warren Buffett, Chairman and CEO of Berkshire Hathaway.

“I get into enough difficulty with things we think we know something about,” he added. “Why in the universe should we take a long or brief position in something we don’t know anything about.”

Exchange operators such as CME Group and Cboe Global Markets have non-stop their platforms to concede bitcoin futures trading.

The cost of bitcoin declined 3.69 percent to $13,907 Wednesday, according to information from attention website CoinDesk. The digital banking is up more than 1,500 percent in the past 12 months.

Buffett’s comments came a day after J.P. Morgan Chase Chairman and CEO Jamie Dimon backpedaled his progressing criticisms of cryptocurrencies. In September, Dimon called bitcoin a fraud.

—Reuters contributed to this report.

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Article source: https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html

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