Here's What Warren Buffett Really Thinks About Bitcoin
"I can say almost with certainty that they will come to a bad ending."
As anyone whose been following the financial markets the last few weeks knows, there's a frenzy right now over bitcoin. But business mogul Warren Buffett told CNBC on Wednesday that the cryptocurrency craze won't last.
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," Buffet said. "When it happens or how or anything else, I don't know. But I know this: if I could buy long-term puts, 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."
Now, granted, he followed up by saying he wasn't an expert in the field, and therefore wouldn't take a hard stance on the subject, which makes sense since not making rash decisions without carefully weighing all of the options is crucial to being a good investor.
"I get into enough trouble with things I think I know something about. Why in the world would I take a long or short position on something I don't know something about? We don't have to know what cocoa beans are going to do or cryptocurrencies, we just have to focus on 8 or 10 stocks, businesses that we think are decent businesses."
Still, his verdict is in: "But I think what's going on definitely will go to a bad ending."
Buffet, 87, is the second wealthiest person in the United States, with a net worth of 86.3 billion. Often called the "Wizard", "Oracle" or "Sage" for his ability to predict the market, he is largely considered one of the most successful investors in the world.
So, you know, his advice might mean something.
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