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Warren Buffett says bitcoin 'definitely will come to a bad ending'

Business Insider | Jan 10, 2018, 07.25PM IST

Warren Buffett

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  • "What's going on definitely will come to a bad ending," said Warren Buffett, Berkshire Hathaway's CEO, on cryptocurrencies.
  • Buffett told CNBC the firm will never have a position in cryptocurrencies.

Berkshire Hathaway CEO Warren Buffett said Wednesday that the firm had no interest in jumping on the cryptocurrency bandwagon.

"We don't own any, we're not short any, we'll never have a position in them," Buffett said in an interview on CNBC.

"If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it," Buffett said, referring to options trades that would profit from price declines.

He said Berkshire Hathaway remained focused on identifying good businesses and investing in them.

The conglomerate announced Wednesday that it was expanding its board, adding Gregory E. Abel and Ajit Jain as directors to boost its size to 14 members.

Buffett and Charlie Munger, Berkshire Hathaway's vice chairman, will keep their positions on the board.

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