The legendary billionaire investor, Warren Buffett, offered his opinion on Bitcoin and the cryptocurrency market on Wednesday. He predicts that the wildly popular digital currencies will collapse in the near future. In an interview with CNBC, he declared:
“I can say almost with certainty that cryptocurrencies will come to a bad end.”
Warren Buffett owns the investment company Berkshire Hathaway, where he partners with Charlie Munger.
Charlie also discussed the cryptocurrency market and described it as a “bubble”, saying that investors “are excited because things are going up at the moment and it sounds vaguely modern … But I’m not excited.” At an event at the University of Michigan’s Ross School of Business, Munger told the audience:
“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.”
The negative comments coming from two of the world’s most successful investors come as more and more companies are jumping onto the cryptocurrency train. On Tuesday, Kodak announced that it would launch its own ICO, which lead to an increase in the value of the company’s shares.
On Tuesday, Kodak announced that it would launch its own cryptocurrency, KODAKCoin, in a move that doubled the struggling company’s share price.