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.

By Akin Oyedele

This story originally appeared on Business Insider

Dimitrios Kambouris/Getty Images

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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

This 31-Year-Old Spends 2 Hours Per Week On His $3,000-a-Month Passive Income Side Hustle: 'Trust Your Vision'

Hansel Moore's home office "wasn't cutting it" — so he found another place to be creative.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Chevron Announces Layoffs Affecting Up to 8,000 Workers: 'Stronger Long-Term Competitiveness'

The oil producer said the layoffs are part of a cost-cutting initiative.