Warren Buffett Predicts a 'Bad Ending' For Cryptocurrencies
While the big news coming out of CNBC‘s interview with Warren Buffett on Wednesday is that the shortlist to succeed him as chief executive officer of Berkshire Hathaway appears to be down narrowed down to two men, the ‘Oracle of Omaha’ also reiterated his skepticism about cryptocurrencies in a separate interview with CNBC, predicting that things won’t end well for the market.
“In terms of cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending,” Buffett said.
The billionaire investor’s dire forecast for cryptocurrencies, however, does not mean he will seek to profit by shorting the market. When asked whether he would trade the recently-launched bitcoin futures contracts to take a negative position on the world’s biggest digital currency, Buffett said, “there’s no reason.”
“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 on on something I don’t know anything about?” Buffett added.
Buffett, like Bridgewater Associates’ Ray Dalio, has previously called bitcoin a “bubble.”
“I have 11 schools coming on Friday and the questions will be on bitcoin,” Buffett said in his interview with CNBC. “And I won’t know the answers."
Photo: Fortune Live Media/Flickr