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


The US billionaire and investor Warren Buffett told that the current madness for the Bitcoin and the other cryptocurrencies will not finish good.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffet explained.

Mr Buffett has named Gregory Abel, current chairman and CEO of Berkshire Hathaway Energy Company, and Ajit Jain, who is now executive vice-president of Berkshire Hathaway-owned reinsurer National Indemnity Company, as the new board members. Gregory Abel, 55, will be vice chair of non-insurance businesses.

"We will not and will never have positions", said he.

For now, Buffett and Vice Chairman Charlie Munger, 94, will remain responsible for Berkshire's major capital allocation and investment decisions, including acquisitions.

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Buffett said he would not take a short position on bitcoin futures.

Later in the interview he added: "I think what is going on will definitely come to a bad ending".

Exchange operators such as CME Group and Cboe Global Markets have opened their platforms to allow bitcoin futures trading. "Why, with all the other options, I have to borrow a long or short position for something I cannot understand", added the investor.

Earlier in 2014 as well, Buffett had warned earlier against cryptocurrencies. "They've both got Berkshire in their blood".

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.