Warren Buffett denounces Bitcoin

They Will Come to a Bad Ending

Warren Buffett, the American business magnate and investor, has expressed his views on cryptocurrency, in particular Bitcoin.

The so-called Oracle of Omaha, with a net worth of USD$73.1 billion, recently said that he will not ride the bitcoin hype-train. With such a volatile price and uncertainty behind its future, Warren Buffett persists in his belief that Bitcoin is nothing more than a bubble.

And by comparing the Bitcoin Price Chart to the Generic Chart of a Financial Bubble,

 

It appears that he may as well have been called a Prophet…

However, there are claims that Warren Buffett is simply ignorant of the amazing technology behind Bitcoin, the Blockchain, a groundbreaking technology that has solved many existing financial problems such as double-spending and also has the potential to solve more.

JPMorgan CEO Jamie Dimon has once too denounced Bitcoin as a mere fraud. He has since regret his words and taken it back. It appears that after understanding how the blockchain technology works, Jamie Dimon has retracked his words.

Only time will tell if Warren Buffett was right in his views or is Jamie Dimon smart to express his “mistakes” early.