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.”
It’s important to note that the Oracle of Omaha has been wrong before; he missed out almost entirely on the dotcom boom in the late 90’s-early 00’s. However, as perhaps the greatest living investor, I would never totally dismiss anything he says.
Especially his rule about never investing in things he doesn’t understand. That is uniformly good advice. He mentions this in regards to Bitcoin.
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.”