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Legendary investor Warren Buffett says Bitcoin-style currencies ‘will come to a bad end’

Rob Waugh
·Contributor
The country that plans to ban bitcoin trading
The country that plans to ban bitcoin trading

Legendary investor Warren Buffet has warned that the current craze for cryptocurrencies such as Bitcoin will come to a ‘bad ending’.

Buffett, known as the Sage of Omaha, is the second-wealthiest man in America.

He said in an interview with CNBC, ‘In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.’

‘When it happens or how or anything else, I don’t know.’

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Buffett, the chairman of Berkshire Hathaway, says that his firm has refused to take a position on Bitcoin.

Buffett said, ‘’We don’t own any, we’re not short any, we’ll never have a position in them.

‘I get into enough trouble with things I think I know something about’,

The value of Bitcoin rocketed tenfold in value last year sometimes shooting up hundreds of points in a day.

Many investors and central banks have warned that the price of Bitcoin will collapse – but fans such as security software pioneer John McAfee have claimed coins will be worth $1m each by 2020.