Warren Buffett, the billionaire investor behind Berkshire Hathaway, is still not sold on bitcoin.
In an interview with CNBC Wednesday, Buffett predicted the demise of cryptocurrencies, saying:
“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.”
He continued to say he would bet on their price declining over the next five years if he could.
The noted investor further conceded he did not know a lot about bitcoin futures, but added that Berkshire Hathaway did not own any and would "never have a position in them."
Buffett's latest remarks come three months after he called bitcoin a "real bubble," and said investors would not be able to value the world’s largest cryptocurrency by market cap because bitcoin did not inherently produce value.
The bitcoin bear joins JP Morgan Chase chief executive Jamie Dimon in reiterating concerns about the cryptocurrency this week. While Dimon told Fox Business that he regrets calling bitcoin a “fraud” last year, he still does not believe in the cryptocurrency.
Shortly after his infamous comments, Dimon had doubled down, saying anybody "stupid enough to buy" bitcoin would "pay the price" for doing so.
Yeah, just like Google and Amazon (he was also bearish on). This crypto stuff is worthless!! LOL I do like Warren, but he is not into tech. If they do blockchain McDonalds he may join in.
Everyone has their own opinions but you cannot ignore the fact many people became millionaires because of crypto only . If you play it right with as small investment as 1000 you can become millionaire as well so i wouldn't call it worthless. Crypto's and digital currency are the future that is what i believe and eventually all places such as KFC and McDonald will start accepting them when they stabilize. Check out my other blog here KFC in Canada already started to accept bitcoin as payment.