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IPFS News Link • Currencies

Warren Buffet Admits Ignorance While Slamming Cryptocurrencies



Bitcoin and other cryptocurrencies will definitely come to a bad end, according to the 'Oracle of Omaha', Warren Buffet. In an interview with CNBC Jan. 10, billionaire manager of Berkshire Hathaway investment group said he believes that there is no possible positive outcome for the nascent financial technology:

"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."

The investment tycoon also indicated that he has nothing invested in Bitcoin or other cryptocurrencies, either long or short, stating:

"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."

A 'put' is a type of option contract that allows investors to sell certain securities at a specified price in a specified time. An investor would purchase a put option if they believed the underlying security -- in Buffet's case, all cryptocurrencies -- were going to decrease in value.