Buffett: Cryptocurrencies are headed for a 'dangerous ending'

Galtero Lara
Enero 13, 2018

Warren Buffett has warned cryptocurrencies are doomed, exacerbating Bitcoin's plummeting price following South Korea's decision to ban cryptocurrency trading. "In terms of cryptocurrencies generally, I can say with nearly certainty that it will come to a bad ending", the Berkshire Hathaway chairman and chief executive in an interview.

"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. Buffett said that if it were possible to buy a five-year put option "on every one of the cryptocurrencies" he would do so, but that he would never "short a dime's worth" of any of them outright.

The billionaire chairman and CEO of Berkshire Hathaway also explained the magnitude of the tax cut is not reflected in the stock market yet.

Earlier yesterday, the Omaha-based conglomerate announced the appointment of two new vice chairs.

"We don't own any, we're not short any, we'll never have a position in them".

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JP Morgan Chase CEO Jamie Dimon made headlines after he called Bitcoin a "fraud" but has since softened his position on the cryptocurrency. Gregory Abel, 55, will be vice chair of non-insurance businesses while Ajit Jain, 66, will be vice chair of insurance operations.

Warren Buffett has become the latest high-profile investor to voice concerns about cryptocurrencies.

Buffett said he would not take a short position on bitcoin futures.

"I get into enough trouble with things I think I know something about".

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