Billionaire investor and CEO of Berkshire Hathaway Warren Buffett has said that cryptocurrencies are headed for trouble. Appearing on CNBC’s “Squawk Box” on Wednesday (10 December), he said that "We'll never have a position in them”.
In the last few weeks , at least half a dozen companies with well-established brands have seen massive surge in their share price based on reports that they plan to build a business model based on cryptocurrencies or initial coin offerings.
Earlier this week, Ripple saw its value plunge by around 13 percent while the Bitcoin lost nearly 8 percent of its value.
Now when it happens, or how or anything else, I don’t know. We don’t own any, we’re not short any, we’ll never have a position in them. 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?Warren Buffet
Buffett said that he would not take a short position on bitcoin futures, and said, “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”.
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