Warren Buffett says cryptocurrencies will have "bad ending"

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In 2017 Bitcoin's price soared 1,500% to almost $20,000 - making it the fastest-growing asset in the world - but on Thursday (11 January) its price dipped below $13,000.

Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon.

"When it happens or how or anything else, I don't know", he added.

Of options trades that would profit from price declines, he added: "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".

However, Lukman Otunuga, research analyst at FXTM, questioned whether it is game over for Bitcoin.

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

"We don't own any; we're not short any", Buffett said in an interview on CNBC. Gregory Abel, 55, will be vice chair of non-insurance businesses while Ajit Jain, 66, will be vice chair of insurance operations.

Bitcoin surged to a high of over $19,000 a year ago, and has created a divide on Wall Street about whether it could be considered a legitimate financial instrument or not.

Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a "fraud".

Earlier in 2014 as well, Buffett had warned earlier against cryptocurrencies.

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