Warren Buffett Warns Against Bitcoin

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Warren Buffett Warns Against Bitcoin

Warren Buffet, an American business magnate, Jamie Dimon, the CEO of JPMorgan Chase and Jim Cramer from American television all think that digital currencies will have a bad ending.

Reportedly Buffet has said, that there is no position in cryptocurrencies.

A founder of a cryptographic ledger company allegedly wrote to Dimon in October, explaining the controversial nature of blockchain.

The founder reportedly explained decentralized applications, saying they are simply traditional applications similar to banking and payment processing which do not require a regulated intermediary.

According to some analysts Bitcoin’s decentralized structure makes it lack credibility.

Business Report reported on February 17 reported on what happens to your bitcoin when you die.

Five years ago, Matthew Moody was killed during an observational flight when the two-seater plane he was in crashed flying over a canyon in Chico, California.

He had been mining Bitcoins- each of the coin worth thousands of dollars today.

The decentralized and unregulated nature of Bitcoin means, that without access to the digital wallet, Matthew’s father wasn’t able to acess bitcoins.

See the previous post.

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