Count billionaire investor Warren Buffett as one of the people who isn’t quite sold on bitcoin.
The Berkshire Hathaway related in an interview the impending demise of cryptocurrencies like bitcoin.
He said:
“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.”
He continued to say he would bet on their price declining over the next five years if he could.
“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.”
The noted investor further admitted not knowing a lot about BTFs.
However, he said that Berkshire Hathaway did not own any and would “never have a position in them.”
“We don’t own any, we’re not short any, we’ll never have a position in them,” he said.
Buffett’s latest remarks come three months after he described the digital currency a “real bubble.”
He also said investors would not be able to value the world’s largest cryptocurrency by market cap because it did not inherently produce value.
The bear joins JP Morgan Chase chief executive Jamie Dimon in expressing concerns about the cryptocurrency this week.
“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all,” Dixon said at the time.
While Dimon said that he regrets calling bitcoin a “fraud” last year, he still does not believe in the cryptocurrency.
“Who cares about bitcoin?” he was quoted as saying.
Shortly after his notorious comments, Dimon had doubled down, saying anybody “stupid enough to buy” bitcoin would “pay the price” for doing so.
