Well, you can add Warren Buffett to the (increasingly long) list of people who want nothing to do with cryptocurrencies.
“We don’t own any, we’re not short any, we’ll never have a position in them,” Buffett told CNBC in an interview on Wednesday.
He also noted that if he could, he’d gladly make a billion (or five or six) on the demise of a bubble that recently garnered the rather dubious title of “most egregious speculative mania in the history of the world”:
“If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it,” he said, adding that cryptocurrencies “will almost certainly have a bad ending.”
— Carl Quintanilla (@carlquintanilla) January 10, 2018
We imagine readers will be a bit more cautious about maligning “The Oracle” than they’ve been about castigating the likes of Jack Bogle and Jeremy Grantham for their skepticism with regard to the crypto mania.
Or maybe not. Because God knows a favorite meme among Bitcoin disciples revolves around the notion that old fogies like Buffett are hopelessly behind the times in their penchant for preferring actual real money and assets to make-believe “coins” that aren’t backed by anything other than FOMO and have exactly zero salvage value if (or, perhaps more appropriately “when”) they invariably collapse under their own weight.
So you know, draw your own conclusions. Maybe Buffett is just salty after his close encounter of the Chris Larsen-kind on the Forbes list earlier this month…