Warren Buffett says bitcoin 'definitely will come to a bad ending'
'We don't own any; we're not short any... We'll never have a position in them'
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon.
“We don't own any; we're not short any,” Buffett said in an interview on CNBC. “We'll never have a position in them.”
Of options trades that would profit from price declines, he added: “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.”
“What's going on definitely will come to a bad ending,” he said.
Bitcoin, the cryptocurrency that surged 1,327% in 2017 to become the largest, is off to a shaky start this year along with Ripple's XRP, while ether, the second-largest, has risen to all-time highs.
Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a “fraud.”
Buffett said Berkshire Hathaway remained focused on identifying good businesses and investing in them.
The conglomerate announced Wednesday that it would expand its board of directors to 14 members, adding Gregory Abel and Ajit Jain. Buffett and Charlie Munger, Berkshire Hathaway's vice chairman, will keep their positions on the board.
• 20 photos that show why Seville was voted 2018's best place to travel
• How often you need to exercise to see results
• A day in the life of the richest person in history
Read the original article on Business Insider UK. © 2018. Follow Business Insider UK on Twitter.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments