Billionaire investor Warren Buffet said that he would never invest in bitcoin and cryptocurrencies, and warned other investors against it. Responding to questions at the Berkshire Hathaway’s annual meeting held on May 5, Buffett said that the cryptocurrencies will see their fall soon.
“They’re non-productive assets. It essentially will not deliver anything other than supposed scarcity. What does it produce itself? Anytime you buy non-productive assets, you are counting on someone later on buying a non-productive asset. It does come to a bad ending; cryptocurrencies will come to a bad ending,” the Oracle of Omaha said.
“If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth,” Buffett added.
Bitcoin is probably rat poison squared, Buffett said, tweeted CNBC
’s Becky Quick.
Berkshire Hathaway’s vice chairman, Charlie Munger, who has been associated with Buffett for a long time, also backed him, saying trading in cryptocurrencies is ‘just dementia’.(With inputs from Reuters)