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