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Warren Buffett criticizes Bitcoin and cryptocurrencies

Jan 12, 2018 Posted /  2399 Views

Warren Buffett criticizes Bitcoin and cryptocurrencies

Warren Buffett who is hailed as “Oracle of Omaha” in a recent media roundup with CNBC slammed Bitcoin and other cryptocurrencies and unquestionably come to a bad end. In an interview conducted on Jan. 10, billionaire manager of Berkshire Hathaway investment group said according to his understanding that there is no potential and affirmative conclusion that could occur from the embryonic financial technology. He remarked during the interview that

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. When it happens or how or anything else, I don't know.”

Buffett who is christened as one of the biggest investment tycoons also gave clear indication that he has nothing invested in Bitcoin or other cryptocurrencies at present and nor does he plan to have long or short-term plans for that, stating:

“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. We don't own any, we're not short any, and we’ll never have a position in them.”

A 'put' is a type of option agreement that permits investors to sell specific securities at a particular price in a precise time. An investor would obtain a put option if they have an exquisite belief in the fundamental security. If we consider the Buffet's perceptions then all cryptocurrencies are going to decline in value and ultimately fade.

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FUD is taking over crypto-world

The FUD storm is already taking over the world and the Buffett interview will definitely downturn the potential investors of cryptos. The apparent concerns from Buffett are scaring the investors many in the cryptocurrency world would likely see every digital currency as FUD which is short for fear, uncertainty and doubt. However, many enthusiasts are evaluating it as Buffett’s own confessed deficient in knowledge about the fundamentals of cryptocurrencies. In the interview he told reporters:

"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.”

This is not the first time that Buffett has been vocal about digital assets, earlier past year he shared his piece of mind that Bitcoin and other cryptocurrencies are bubbles.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: other cryptocurrencies Bitcoin and cryptocurrencies Warren Buffett Cryptocurrencies crypto-world

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