Bitcoin, Litecoin, and many other forms of cryptocurrency have become the fad in the last year or so. Even I have invested some money into Litecoin, to see how it would do. Many have predicted that cryptocurrency will be the currency of the future, but what if they’re wrong? Billionaire investor Warren Buffet thinks that this is a ship heading towards the edge of the earth.
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” the continued, “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.”
Also on the show, Buffett’s right-hand man, Charlie Munger, also blasted frothiness in bitcoin — and in venture capital funding.
Earlier Wednesday, the Omaha-based conglomerate announced the appointment of two new vice chairs. Gregory Abel, 55, will be vice chair of non-insurance businesses. Ajit Jain, 66, will be vice chair of insurance operations.
Buffett said he would not take a short position on bitcoin futures.
“We don’t own any, we’re not short any, we’ll never have a position in them,” said the CEO of Berkshire Hathaway.
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