In his latest interview to CNBC, the Oracle of Omaha, took a jibe that the crypto market will meet a “BAD ENDING” in future. Warren Buffet stated “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending”. He is unsure of when it could happen but he has taken stance of staying away from it for sure – “When it happens or how or anything else, I don’t know,” he added in the interview. “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.”
He also clarified that Berkshire Hathway has no holding or doesn’t have interest to invest in cryptocurrencies now or in future. “We don’t own any, we’re not short any, we’ll never have a position in them,” he said.
Buffett’s words usually makes some impact in the stock market but price of cryptocurrency were not so much affected by his comments. The Bitcoin price went down just slightly to about $14,000. Price of other top cryptocurrencies like Ethereum, Ripple, Bitcoin Cash are somewhat steady and didn’t see big downward-trend even after Buffet’s warning of apocalyptic future of cryptos.
While thousands would follow Buffet’s advice religiously, not all investors would go by his words on Bitcoin. And they have strong reason for that. It was seen earlier that Warren Buffet have been hesitant to make big bets on technology companies like Google, Facebook and Amazon and at the Berkshire Hathway annual meeting last year he has regretted staying away from these big tech giants.
Though Mr. Buffet said with “almost certainty” that cryptocurrency will meet a “bad ending”. It is very uncertain prediction game, seeing the digital currency going up for 1500% within past 1 year. What’s your take on Warren Buffet’s statement? And what’s your prediction for the future of cryptocurrency? Please let us know in the comments section below.