Despite the price being on the rise again, there is more bad news on the way again. One billionaire has gone as far to say that all cryptocurrencies will have a bad ending, even likened Bitcoin to rat poison. The billionaireÂ behind these statements was Warren Buffett, who is the CEO of Berkshire Hathaway. He said;
âCryptocurrencies will come to a bad ending. It essentially will not deliver anything other than supposed scarcity.âThe comments came at a time when Bitcoin was actually surging in price, so it was difficult to see how he could think this of cryptocurrencies. In the last month alone, Bitcoin added $2,563.48 to its value, which saw the price increase by nearly 40%! Although these figures are not representative of the figures that we saw at the end of last year, where they were hitting highs of nearly $20,000, it is still a significant increase. But, could Buffettâs comments cause this to dramatically change? There is no denying that he has never been shy about expressing his scepticism for cryptocurrencies. As well as openly admitting that he does not own any cryptocurrencies, he has repeatedly declared that Bitcoin in particular will have a bad ending, even if he did admit that he did not know when this would be;
âIn terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad endingâ¦When it happens or how or anything else, I donât know.âWhen referring to his lack of investment in the market, he says;
âI get into enough trouble with things I know something aboutâ¦Why in the world should I take a long or short position inÂ something I donât know anything about.âThe price volatility is not unusual for Bitcoin, and cryptocurrencies on the whole, but this recent rise could result in a fall that happens just as quickly.