Renowned investor and one of the richest persons on planet Warren Buffett continues his bearish point of view toward bitcoin and other cryptos.
In an interview on CNBC, Buffett was asked about JPMorgan Chase CEO Jamie Dimon’s retreating take on bitcoin, after the latter expressed his regret about calling bitcoin ‘fraud’ a year ago.
Questioned if he too would reconsider his current comments on bitcoin – Buffett called bitcoin an “air bubble” following Dimon’s remarks a year ago – Buffet stated:
“As far as digital forms of money, for the most part, I can almost say with assurance that they will come to a bad ending.”
While predicting the downfall of digital currencies, Buffett went on to assert he’d bet on “each one of the cryptocurrencies” falling over the next five years.”
Furthermore, Buffett stated he wouldn’t take a negative position by exchanging bitcoin future contracts, expressing there’s “no reason” to do as such. “Why on earth should I take a long or short position of something I don’t know anything about?” He jested, confessing to knowing almost nothing about cryptographic forms of money.
“I have 11 schools this coming Friday [and] the inquiries will be on bitcoin, and I won’t know the appropriate answers,” Buffett included, preparing everyone else for more soundbites on digital forms of money this week.
Buffett’s interpretation of digital currencies, particularly bitcoin, is like another long-term bitcoin bear in JPMorgan’s Jamie Dimon. In September 2017, Dimon notoriously said bitcoin was a “cheat”. “It’s worse than tulip bulbs,” Dimon proceeded in the same breath, adding “somebody will get killed.” The Wall Street investor additionally undermined to fire workers involved in crypto money trading, calling them “inept” if they were to do so.
Dimon keeps on being a non-believer, he revealed in comments this week, but went on to state about that ‘fraud’ proclamation: “I regret making them.”
News credit: ccn.com