Cryptocurrencies to end in tears, says investor wizard Warren Buffet

Cryptocurrencies to end in tears, says investor wizard Warren Buffet

More prominently, legendary investor Warren Buffett recently appeared on CNBC and articulated his believe that individuals heavily invested in crypto are in for something of a rude awakening at some point down the line.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said.

"When it will the collapse or how - I do not know", added he. That said, this does not do much to make the succession plan at Berkshire any clearer than it was a week ago, with the moves only adding credence to our long-standing belief that Jain and Abel are the two leading candidates to replace Buffett once he departs the scene. "We don't own any, we are not short any, we will never have a position", he said.

Also on the show, Buffett's right-hand man, Charlie Munger, voiced disapproval of the frothiness of bitcoin.

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Since December 2017, the exchanges such as the CME Group and Cboe Global Markets have opened their platforms to allow futures trading on the Bitcoin.

Earlier in 2014 as well, Buffett had warned earlier against cryptocurrencies. "Why in the world should I take a long or short position in something I don't know anything about".

Buffett's investment deputies, Todd Combs and Ted Weschler, are in position to eventually succeed Buffett as Berkshire's chief investment officer, while Buffett's son Howard is expected to become Berkshire's non-executive chairman. On Tuesday, however, Dimon said he regrets this statement. Partners in the project, called the Interbank Information Network, are Die Royal Bank of Canada and the New Zealand Banking Group.

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