BUFFETT BACKS  bad end for bitcoin

Warren Buffett has said that he would never invest in cryptocurrencies such as Bitcoin despite their recent popularity.

Bitcoin hit record prices last month of close to $25,000 but prices have since fallen by 25%, as cryptocurrencies continue on a roller-coaster ride.

The Oracle of Omaha said, in a recent interview with CNBC, that he has no plans to invest in the market, and predicted their demise.

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the chairman and CEO of Berkshire Hathaway said.

“When it happens or how or anything else, I don’t know.

“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.”

Buffett said that Berkshire Hathaway currently does not own any cryptocurrencies as the firm will “never have a position in them.”

“I get into enough trouble with things I think I know something about,” Buffett said. “Why in the world should I take a long or short position in something I don’t know anything about?”

Buffett was backed by his right-hand-man, Charlie Munger, who also blasted the future of Bitcoin.

“There are always bubbles … that are going to end badly,” Munger told CNBC.

source: Insurance Business Mag online