On January 10, Buffet told CNBC in an interview that there is no possible positive outcome for the nascent financial technology.
Warren Buffett, the CEO of Berkshire Hathaway believes that Bitcoin and other cryptocurrencies will certainly come to a bad end.
Warren Buffett, the CEO of Berkshire Hathaway who is widely acclaimed for his investing acumen, has yet again slammed cryptocurrencies. He believes that Bitcoin and other cryptocurrencies will definitely come to a bad end.
On January 10, Buffet told CNBC in an interview that there is no possible positive outcome for the nascent financial technology. He said,
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. When it happens or how or anything else, I don’t know.”
Moreover, the ‘Oracle of Omaha’, Buffet, stated that he has not invested in any Cryptocurrency and will never do so.
“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. We don’t own any, we’re not short any, we’ll never have a position in them,” he says.
As per Buffet, all cryptocurrencies will decrease in value over time. A type of option contract, ‘put’ enables investors to sell certain securities at a specified price in a specified time.
The comments made by the investment tycoon may scare many investors; however, some in the crypto community consider it as FUD – short for fear, uncertainty, and doubt. This is because Buffet himself admitted his lack of knowledge about cryptocurrencies.
He added, “I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.”
It’s not the first time Buffett has slammed cryptocurrencies as in the past also he stated that Bitcoin and other cryptocurrencies are bubbles. Buffett’s comments often create waves in the stock market, however following his comments, cryptocurrency prices remained relatively stable.
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