Famous Investor Warren Buffet Thinks Cryptocurrency Market Will Crash
Famed investor Warren Buffet has predicted a nasty landing for cryptocurrencies. Warren Buffet, who is the chairman and owner of Berkshire Hathaway told CNBC that cryptocurrencies will have a bad ending.
Buffet didn’t explain the reason for his dire predictions, but has previously expressed concern about cryptocurrencies’ lack of intrinsic value.
Investors listen to Buffets speech very closely, because during the time being at Berkshire the company has out-performed the markets and other investment vehicles.
In his interview Buffet told about not being well-informed about crypto space.
“I get into enough trouble with things I think I know something about, why should I take a long or short position in something I don’t know about?” he asked. He then added he’s meeting students on Friday and expects they’ll ask him about Bitcoin, but “I won’t have the answers.”
Nor will he ever have an investment in cryptocurrencies. “We don’t own any, we are not short in in any, we will never have a position,” he said.
Buffet even joked saying that his company would do something in cryptocurrencies referring the incidents of launching own digital currency by Kodak after the event of renaming Long Island Iced Tea Corp as a “Long Blockchain”.