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Warren Buffett is bearish on cryptocurrencies

Warren Buffett is bearish on cryptocurrencies
[Photo: Daniel Zuchnik/WireImage]

Warren Buffett spoke with CNBC this morning, and he didn’t mince words. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” he said.  He added that if he could “buy a five-year put” on all the new coins out there, he absolutely would–although he wouldn’t short them.

Of course, Buffett has gotten some big things wrong in the past. Last year, he told shareholders that he made a mistake not buying Google shares early on. The chairman and CEO of Berkshire Hathaway even called himself “too dumb to realize” how successful Amazon would become.

Perhaps, years from now, he may make similar statements about cryptocurrencies. Although it’s just as likely that the bubble will burst and his warning will prove correct.

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