Billionaire investor Warren Buffett informed CNBC on Wednesday the latest craze over bitcoin and different cryptocurrencies will not finish effectively.
“When it comes to cryptocurrencies, usually, I can say with nearly certainty that they’ll come to a nasty ending,” the chairman and CEO of Berkshire Hathaway mentioned.
“When it occurs or how or anything, I do not know,” he added in an interview on CNBC’s “Squawk Field” from Omaha, Nebraska. “If I may purchase a five-year placed on each one of many cryptocurrencies, I might be glad to do it however I’d by no means quick a dime’s price.”
Additionally on the present, Buffett’s right-hand man, Charlie Munger, additionally blasted frothiness in bitcoin — and in enterprise capital funding.
Earlier Wednesday, the Omaha-based conglomerate introduced the appointment of two new vice chairs. Gregory Abel, 55, might be vice chair of non-insurance companies. Ajit Jain, 66, might be vice chair of insurance coverage operations.
Buffett mentioned he wouldn’t take a brief place on bitcoin futures.
“We do not personal any, we’re not quick any, we’ll by no means have a place in them,” he mentioned.