Billionaire Warren Buffet spoke out Wednesday against bitcoin and other cryptocurrencies stating that things won’t end well for investors.
Buffet told CNBC:
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending”
Buffet went on to say that he doesn’t know the how or when, only that he’s certain that it will. However, Mr. Buffett also admitted to not knowing anything about Bitcoin at all.
“Why in the world should I take a long or short position in something I don’t know anything about?”
I don’t know about you, but that brings a very interesting question to mind: How can someone be certain about something they know nothing about?
It’s clear that “new money” is a threat to “old money” like that of Mr. Buffett, and goes to show that even one of the wealthiest people on earth will bash something they don’t understand in an effort to protect their own wealth.
CNBC’s original article can be found here