Bitcoin and cryptocurrencies ‘will come to bad end’, says Warren Buffett

The billionaire investor and his longtime director Charlie Munger, two “of the worlds” more successful investors, say they never invest in cryptocurrencies

Billionaire investor Warren Buffett said Wednesday that he would never invest in Bitcoin or other cryptocurrencies, and prophesied the wildly favourite assets are in for a fall.

I can say virtually with certainty that cryptocurrencies will come to a bad terminate, Buffett told

Buffett’s greenbacks were backed by Charlie Munger, his longtime marriage at his investment company Berkshire Hathaway, who described the hovering assess of Bitcoin and another cryptocurrency as foams. Munger said investors are derived because things are going up at the moment and it sounds vaguely modern. But I’m not excited.

Munger has been a continue commentator of cryptocurrencies, which have soared in cost in recent months. The last-place period he said the winging assess of the monies was total insanity.

He told an congregate at the University of Michigans Ross School of Business: I think it is perfectly asinine to even pause to think about them. Its bad parties, crazy foam, bad mark, pulling parties into the concept of easy abundance without much revealing or work.

Buffett’s statements came as the 87 -year-old announced he had appointed two potential successors: Gregory Abel, the chief executive of Berkshire Hathaway Energy, and Ajit Jain, Berkshire’s reinsurance chief.

The cryptocurrency halo has been good for other companies too. Last-place month, shares in a minuscule US carbonated drink business quadrupled after it changed its mention from Long Island Iced Tea Corp to Long Blockchain Corporation referencing the ledger engineering upon which bitcoin and other cryptocurrency transactions are based.

The company said it planned to raise$ 8.4 m in a stock-take afford and use some of the money to invest in bitcoin mining machines. This week it announced it is scrapping the stock marketing but still plans to buy the machines. Nonetheless, it did not specify how it would pay for them.

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