The US billionaire and investor Warren Buffett told that the current madness for the Bitcoin and the other cryptocurrencies will not finish good.
“As far as cryptocurrencies are concerned, I can say for sure that this will finish bad”, said the chairman and CEO of Berkshire Hathaway. “When it will the collapse or how – I do not know”, added he.
The man who is considered Buffett’s “right hand”, Charlie Munger, also sees a lot of fright, but little sense in the cryptocurrencies.
Since December 2017, the exchanges such as the CME Group and Cboe Global Markets have opened their platforms to allow futures trading on the Bitcoin.
Buffett said he would not bet on short positions with futures on the Bitcoin.
“We will not and will never have positions”, said he. “Why, with all the other options, I have to borrow a long or short position for something I can not understand”, added the investor.
Buffett is not the only critic of cryptocurrencies. Already in September 2017, the Chairman and Chief Executive Officer of J.P. Morgan Jamie Dimon commented critically on the Bitcoin. At that time he called it a scam. On Tuesday, however, Dimon said he regrets this statement. “Blockchain is real”, added he.
J.P. Morgan Chase announced in October 2017 the introduction of its own blockchain system. It aims to “significantly reduce” the number of countries needed to check global payments and reduce the time to trade “from weeks to hours”. Partners in the project, called the Interbank Information Network, are Die Royal Bank of Canada and the New Zealand Banking Group. Dimon continues to be concerned about how governments will react to cryptocurrencies when they get really big.