One of the world's richest men, Warren Buffet, has spoken out about the current rave about bitcoin and cryptocurrencies.
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According to a report by The Guardian UK, billionaire investor Warren Buffett said Wednesday that he would never invest in Bitcoin or other cryptocurrencies, and predicted the wildly popular assets are in for a fall.
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“I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview.
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Buffett’s comments were backed by Charlie Munger, his longtime partner at his investment company Berkshire Hathaway, who described the soaring values of Bitcoin and the other cryptocurrencies as “bubbles”. Munger said investors “are excited because things are going up at the moment and it sounds vaguely modern. But I’m not excited.”
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Munger has been a persistent critic of cryptocurrencies, which have soared in value in recent months. Last year he said the soaring values of the currencies was “total insanity”.
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He told an audience at the University of Michigan’s Ross School of Business: “I think it is perfectly asinine to even pause to think about them. It’s bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insight or work.”Buffett’s comments came as the 87-year-old announced he had appointed two potential successors: Gregory Abel, the chief executive of Berkshire Hathaway Energy, and Ajit Jain, Berkshire’s reinsurance chief.
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The critique from two of the world’s most successful investors comes as more companies are piling into cryptocurrencies. On Tuesday Kodak announced that it would launch its own cryptocurrency, Kodak Coin, in a move that doubled the struggling company’s share price.
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Kodak, which emerged from bankruptcy in 2012 and has struggled to regain its footing ever since, said the move would allow photographers payment for licensing their work using KodakCoin.
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The cryptocurrency halo has been good for other companies too. Last month, shares in a tiny US soft drinks company quadrupled after it changed its name from Long Island Iced Tea Corp to Long Blockchain Corporation – referencing the ledger technology upon which bitcoin and other cryptocurrency transactions are based.
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The company said it planned to raise $8.4m in a stock offering and use some of the cash to invest in bitcoin mining machines. This week it announced it is scrapping the stock sale but still plans to buy the machines. However, it did not specify how it would pay for them.