Friday, 19 January, 2018

Famed investor Warren Buffet thinks all cryptocurrencies will have a 'bad ending'

Buffett warns Bitcoin will 'come to a bad ending' Warren Buffett hints at succession plan
Russell Knight | 14 January, 2018, 13:45

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffet explained.

"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska.

Berkshire Hathaway Inc. on Wednesday promoted two of its top executives, Gregory Abel and Ajit Jain, cementing their widely viewed status as potential successors to Warren Buffett as the conglomerate's chief executive.

The man who is considered Buffett's "right hand", Charlie Munger, also sees a lot of fright, but little sense in the cryptocurrencies.

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Gulmarg, the popular ski-resort in north Kashmir, recorded a minimum temperature of -4.5 celsius, he said. The night temperature in Qazigund, in south Kashmir, settled at a low of -5.0C down from Friday's -3.2C.

The moves do, however, more clearly lay out Jain's level of authority, with his new title of vice chairman, insurance operations providing him with oversight of all of Berkshire's insurance operations (including Geico), as well as Abel's, whose new title of Vice Chairman, noninsurance business operations, gives him oversight over the company's remaining segments. "We don't own any, we are not short any, we will never have a position", he said.

"When it will the collapse or how - I do not know", added he. "Why in the world should I take a long or short position in something I don't know anything about".

Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a "fraud".

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. To be fair, though, Buffett did concede that he doesn't know much about cryptocurrencies.

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