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Forex News: Warren Buffett Certain That Cryptocurrencies Set For Bad

Warren Buffett Certain That Cryptocurrencies Set For Bad Ending

01/11/2018 - 03:33:00 (RTTNews)

(RTTNews) - Billionaire investor Warren Buffett has warned that cryptocurrencies are set to have a bad ending and he would not bet any money on them.

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," Buffett, who is the chairman and CEO of Berkshire Hathaway, said in an interview to CNBC on Wednesday.

"When it happens or how or anything else, I don't know."

He also said," 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 also reiterated his well-known stance that he will not invest in anything that he does not know anything about.

On the same show, Buffett's partner Charlier Munger said both bitcoin and venture capital were bubbles.

As Bitcoin set new highs in December, Munger said the Bitcoin boom was total insanity and urged investors to avoid it "like a plague".

Back in 2014, Buffett, known as the Oracle of Omaha, had told CNBC that Bitcoin and its peers were a mirage and it was a joke that they had some huge intrinsic value.

True to his reputation for patience and resolve, he has stuck on to this view even as digital currencies registered a meteoric rise.

The world's second richest man had already warned on crytpocurrencies as they started their massive surge in the last few weeks of 2017, a trend that has continued into this year.

In one of his classes for business students in October, he had said Bitcoin could be valued as it is not a value producing asset, but a "real bubble".

Traditional finance have largely shunned cryptocurrencies amid their price surge, citing reasons ranging from the lack of backing with solid assets to being unregulated.

Earlier this month, the Bank of America's brokerage arm Merrill Lynch had reportedly banned its clients and financial advisers from buying bitcoin-related investments due to concerns over the investment standard of the cryptocurrency and related products.

This week, Jamie Dimon, who is JP Morgan Chase CEO and chairman, said he regrets calling Bitcoin "a fraud" earlier. However, he claimed he had little interest in investing in cryptocurrencies.

Meanwhile, cryptocurrencies and Bitcoin's underlying technology, blockchain, have found favor with venture capitalists.

This month, media reports revealed that Peter Thiel, who is Paypal co-founder and an angel investor known for early bets on Facebook and SpaceX, started investing in bitcoin as early as 2012. His investments in the digital currency via the Founders Fund are reportedly worth around $15 million - $20 million.

Former hedge fund manager and now a prominent cryptocurrency investor, Mike Novogratz, said in November that cryptocurrencies would be "the biggest bubble of our lifetimes", but asserted his confidence in blockchain and expects it to outlast the digital currency Bitcoin it supports.

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