Insta
The Oracle Of Omaha Has Given His Verdict: Warren Buffett Says Cryptocurrencies Are Headed For Trouble
Swarajya Staff
Jan 11, 2018, 09:32 AM | Updated 09:32 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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”.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.