Warren Buffett: Bitcoin Will ‘Definitely Come To A Bad Ending’

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Berkshire Hathaway’s CEO Warren Buffett said that not only will his firm never have a position in cryptocurrencies, but that the ending is coming for them and it will be a bad one.

“Stay away from it,” Buffett said at one time of Bitcoin. “It’s a mirage basically. The idea that it has some huge intrinsic value is just a joke, in my view.” Of course, at the time he made those comments, Bitcoin was priced at about $640. Now (at the time of this writing) it’s trading above $14,500.

At a Q&A session with business students in October, Buffett was again asked about bitcoin, to which he replied that the cryptocurrency is a “real bubble.”

In October of last year, Buffett told students at a Q&A that they should not value Bitcoin because it has no value. “You can’t value bitcoin because it’s not a value-producing asset,” Buffett said, according to MarketWatch. But Buffett, who is known for his patience and resolve, is still sticking to his guns and staying far away from the cryptocurrency.

“We don’t own any; we’re not short any,” Buffett said in an interview on CNBC of cryptocurrencies, such as Bitcoin and Ether. “We’ll never have a position in them.”

Bitcoin, the cryptocurrency that surged 1,327% in 2017 to become the largest, is off to a shakier start this year along with Ripple’s XRP, while ether, the second-largest, has risen to all-time highs. “What’s going on definitely will come to a bad ending,” Buffett said.

Buffett’s comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a “fraud.” But others, such as Peter Schiff, believe that Bitcoin’s actual worth, is $0, and at some point, it will return to that amount.

Buffett has been quick to admit when he’s failed to make big money off missed opportunities.  Recently, Buffett admitted that he missed the boat on both Alphabet (GOOGGOOGL) and Amazon.com (AMZN) because he didn’t recognize their long-term value and the opportunity to buy them. However, Buffett’s aversion to technology stocks also allowed him to side-step much of the fallout from the bursting of the dot-com bubble in 2000.

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  • elbustaroyjetspeekerson

    Um, I thought the digi-bubble, was in ’08, not ’00…..

    While we’re here, what do they serve at a Warren “buffet”? Why, Human Babymeat aperitifs and ‘authentic’ Sangria, of ‘course’……..:

    https://www.reverbnation.com/bearbonesproductions — Track 2

  • John C Carleton

    Warren Buffet will definitely come to a bad ending.
    Fair Common Law Trials, fair hangings.

  • Phil_Ossifer

    Buffy the Bitcoin Slayer…has a nice ring to it 🙂

    If I was a card-carrying cynic I might start wondering how much riptocurrency Buffett owns (not in his own name, of course) and is getting ready to dump. When you operate at the levels he does you get insider information, legally or not. What does he know that the rest of us are going to find out about after the hammer falls?

    William Jennings Bryan said that no man can make a million dollars honestly. He said that in the 1920s, so factor for inflation. Still, you can’t make the kind of money Buffett (or, for that matter, The Donald) has by being a choirboy.

    Something’s up, that’s for sure…and, as usual, the sheeple are going to take it up the arse, sideways.

    • I’m diversified enough to not have to worry about it. I hold some bitcoin, not enough to hurt me though.

  • LMAO

    The money changers will never tolerate bitcoin, and they will make an example of anyone that uses it.

  • elbustaroyjetspeekerson

    It is STILL worth absolutely ZERO, however. You know, just like our worthless scrip not even suitable for asswipe.