Warren Buffett

Warren Buffett Says Bitcoin 'Definitely Will Come to a Bad Ending'

The Berkshire Hathaway CEO told CNBC the firm would never have a position in cryptocurrencies.
Warren Buffett Says Bitcoin 'Definitely Will Come to a Bad Ending'
Image credit: Dimitrios Kambouris/Getty Images
2 min read
This story originally appeared on Business Insider

Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon.

"We don't own any; we're not short any," Buffett said in an interview on CNBC. "We'll never have a position in them."

Of options trades that would profit from price declines, he added: "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."

"What's going on definitely will come to a bad ending," he said.

Bitcoin, the cryptocurrency that surged 1,327 percent 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.

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

Buffett said Berkshire Hathaway remained focused on identifying good businesses and investing in them.

The conglomerate announced Wednesday that it would expand its board of directors to 14 members, adding Gregory Abel and Ajit Jain. Buffett and Charlie Munger, Berkshire Hathaway's vice chairman, will keep their positions on the board.

Get the latest Bitcoin price here.

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.