Bitcoin and cryptocurrencies will end badly, warned Buffett

Euphoria surrounding cryptocurrencies, and in particular the most famous Bitcoin, apparently fails to convince prominent leaders of the investing and finance community. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” said legendary investor Warren Buffett.

Of course, if no one can predict when or how such a development happens, Buffett ultimately only applies to Bitcoin as well as to anything else the principles that have helped him become one of the richest men in the world. “I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about?” asked Buffett.

While the price of Bitcoin has jumped 1,500% since January 2017, more and more investors particularly individuals would consider buying, attracted by the growing reputation of cryptocurrency and the promise of quick, huge gains. Nevertheless, a strong drawback: if almost everyone talks about Bitcoin, very few really know what they are talking about.

Also, JPMorgan Chase CEO Jamie Dimon recently called Bitcoin a “fraud” while his BlackRock counterpart Larry Fink described it as an “index of money laundering demand.”