Sci-tech

Warren Buffett predicts 'bad end' for cryptocurrencies

Warren Buffett predicts 'bad end' for cryptocurrencies

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

It seems the US Senate's financial services panel, due to hold a meeting next month with market regulators, will discuss "concerns over the risks cryptocurrencies pose to the financial system", according to Reuters.

Buffett's comments come a day after JPMorgan Chase Chief Executive Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September.

Warren Buffett has warned cryptocurrencies are doomed, exacerbating Bitcoin's plummeting price following South Korea's decision to ban cryptocurrency trading.

Billionaire investor is right about cryptocurrencies, and the price of bitcoin will be much lower in the near future, a veteran investor told CNBC on Thursday.

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"I get into enough trouble with things I think I know something about".

Buffett said he would not take a short position on bitcoin futures.

Bitcoin, the cryptocurrency that surged 1,327% in 2017 to become the largest, is off to a shaky start this year along with Ripple's XRP, while ether, the second-largest, has risen to all-time highs.

"Bitcoin is under noticeable pressure on the daily charts, with prices struggling to keep above $13,000 as of writing".

Anyway, it's highly likely those prices will be nearly irrelevant by the time you've read this.


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