Warren Buffett gives stark warning that Bitcoin will see “a bad end”

It is going to get headlines but there’s probably little surprise that Warren Buffett isn’t on the Bitcoin bandwagon.

The 87-year-old, the ‘Oracle of Omaha, is still a very closely followed and influential voice in the markets. Though famously a ‘value investor’, one would hardly expect Buffett to plunge into a speculative bubble.

Not only is he not invested in Bitcoin and crypotcurrency, he actually had a stark warning to those that already are.

“I can say almost with certainty that cryptocurrencies will come to a bad end,” he said in an interview with CNBC.

Conversely, another big name ‘establishment’ figure has backtracked somewhat from his past cautionary comments.

JP Morgan boss Jamie Dimon yesterday said he regretted previously calling bitcoin a “fraud”.

In Wednesday’s trading, Bitcoin was again on the slide. The cryptocurrency was down around 2.2% just above US$14,100.

The Ethereum cryptocurrency, meanwhile, remains strong following new record highs on Tuesday,  pricing at US$1,417, before receding later in the day.

Ethereum, the second ‘biggest’ digital currency, was again on the rise – up 4.6% today, trading at US$1,357 “valuing the whole market at about US$132bn).

Ripple, the ‘establishment’s cryptocurrency, meanwhile, has seen tough trading. Ripple’s coin, known as XRP, was down 16% changing hands at US$1.94 per unit.

Story by ProactiveInvestors