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| Bitcoin: Warren Buffett warns cryptocurrency craze 'will come to a bad ending' | |
| (about 1 hour later) | |
| Warren Buffett isn’t buying the cryptocurrency craze. | |
| “I can say with almost certainty that they will come to a bad ending,” the Berkshire Hathaway CEO said during an interview with CNBC. | “I can say with almost certainty that they will come to a bad ending,” the Berkshire Hathaway CEO said during an interview with CNBC. |
| As the price of bitcoin surged to a record high of nearly $20,000 (£14,800) in December, the alternative currency — and the idea of cryptocurrencies in general — generated intense interest from both amateur investors and from institutions like Goldman Sachs, which reportedly is setting up a cryptocurrency trading desk. | As the price of bitcoin surged to a record high of nearly $20,000 (£14,800) in December, the alternative currency — and the idea of cryptocurrencies in general — generated intense interest from both amateur investors and from institutions like Goldman Sachs, which reportedly is setting up a cryptocurrency trading desk. |
| Mr Buffett, known for his often-prescient investing decisions, acknowledged that “virtually everybody” had seemingly expressed interest but said he would not invest in cryptocurrency. | |
| “We don’t own any, we’re not short any, we’ll never have a position in them,” he said. | “We don’t own any, we’re not short any, we’ll never have a position in them,” he said. |
| Bitcoin’s value has fluctuated over the last month, taking a precipitous plunge after soaring to new heights in mid-December. | Bitcoin’s value has fluctuated over the last month, taking a precipitous plunge after soaring to new heights in mid-December. |
| Its value stood at $13,835 as of Wednesday morning, according to the Coinbase exchange — a drop of thousands from days earlier. | Its value stood at $13,835 as of Wednesday morning, according to the Coinbase exchange — a drop of thousands from days earlier. |
| Financial experts have pointed to that volatility in warning potential investors to exercise caution, and the US Securities and Exchange Commission has warned about security vulnerabilities. | Financial experts have pointed to that volatility in warning potential investors to exercise caution, and the US Securities and Exchange Commission has warned about security vulnerabilities. |
| But sceptics have come around somewhat, with JP Morgan Chief Executive Jamie Dimon saying he regretted calling bitcoin a fraud. | But sceptics have come around somewhat, with JP Morgan Chief Executive Jamie Dimon saying he regretted calling bitcoin a fraud. |