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Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad ending': Business : Nigerialog.com - Nigeria's Premier Online Forum (66 views)

Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad ending'

By dayan (M)January 10, 2018, 09:36:23 PM
warren bufett.jpg


Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

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

"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "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.

Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

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

"When it happens or how or anything else, I don't know," he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska. "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," he said.

"I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about."

Exchange operators such as CME Group and Cboe Global Markets have opened their platforms to allow bitcoin futures trading.

The price of bitcoin declined 3.69 percent to $13,907 Wednesday, according to data from industry website CoinDesk. The digital currency is up more than 1,500 percent in the past 12 months.

Buffett's comments came a day after J.P. Morgan Chase Chairman and CEO Jamie Dimon backpedaled his earlier criticisms of cryptocurrencies. In September, Dimon called bitcoin a fraud.

—Reuters contributed to this report.


Re: Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad endin

By dayan (M)January 10, 2018, 09:43:12 PM
Quote
"I get into enough trouble with things I think I know something about," he added. "Why in the world should I take a long or short position in something I don't know anything about."

Now, THIS is the reason Bitcoin and other cryptocurrencies never made sense to me.
I never even dared to touch the thing with a loooooooooooooooooooooooooooong pole. lol
As far as I know, currencies (legal tenders) are only issued by STATES, and they do so boldly and back it with relevant laws.
States have sovereign authority which backs currencies.
I can understand a batter kind of trade whereby one can exchange one TANGIBLE product for another.
How can something that is made of zeros and ones constitute currency?

Well, at least this helps to assure me that I'm not the only one deeply suspicious of cryptocurrencies. lol



Re: Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad endin

By Ramjoe (M)January 11, 2018, 06:22:19 AM
Now, THIS is the reason Bitcoin and other cryptocurrencies never made sense to me.
I never even dared to touch the thing with a loooooooooooooooooooooooooooong pole. lol
As far as I know, currencies (legal tenders) are only issued by STATES, and they do so boldly and back it with relevant laws.
States have sovereign authority which backs currencies.
I can understand a batter kind of trade whereby one can exchange one TANGIBLE product for another.
How can something that is made of zeros and ones constitute currency?

Well, at least this helps to assure me that I'm not the only one deeply suspicious of cryptocurrencies. lol

You are not alone... My suspicion of these cryptocurrencies knows no bound.

On the brighter side, we stand with Warren (I mean the Warren) Buffet  :)) :)) :))


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