Warren Buffet – financial and investment genius, one of the richest men on planet – has now commented that Bitcoins and Cryptocurrencies ‘will meet a bad end’. The financial wizard shows no faith in cryptocurrencies and has said that he would never invest in them. “I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett commented during an interview with CNBC.
It’s not Warren Buffet alone but his business partner Charlie Munger too, who believes in this statement. Munger has described cryptocurrencies to be a bubble, stating that investors are excited at the moment because the markets are rising. He commented that investors “are excited because things are going up at the moment and it sounds vaguely modern. But I’m not excited.”
87 year old Warren Buffet has been hailed as one of the sharpest minds in the world when it comes to everything finance. Apart from bashing cryptocurrencies, Warren Buffet made a major announcement today – stating that he has two potential successors in sight – the CEO of Berkshire Hathaway Energy, Gregory Abel or Ajit Jain, the reinsurance chief at Berkshire.
Charlie Munger has been a consistent critic of cryptocurrencies. He has called the rise in the cryptocurrency prices ‘total insanity’. On numerous other occasions he has also called it a bubble luring people into the concept of easy wealth. Statements from world leaders and economic wizards such as Warren Buffet are bound to have a global impact. It would be interesting to see if there is an impact that his recent statement causes in the cryptocurrency prices.
While some experts have called Bitcoin a bubble, markets at large continue to show faith in the currency. Yesterday we learnt that Kodak is all set to launch their own blockchain based platform – KodakOne, and their cryptocurrency, KodakCoin. Today, Headphones.com has begun accepting RaiBlocks payments. It would be interesting to see how Buffet’s statements impact the markets.