Warren Buffett says cryptocurrencies will have "bad ending"

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More prominently, legendary investor Warren Buffett recently appeared on CNBC and articulated his believe that individuals heavily invested in crypto are in for something of a rude awakening at some point down the line.

"As far as cryptocurrencies are concerned, I can say for sure that this will finish bad", said the chairman and CEO of Berkshire Hathaway.

"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska.

For now, Buffett and Vice Chairman Charlie Munger, 94, will remain responsible for Berkshire's major capital allocation and investment decisions, including acquisitions.

"I get into enough trouble with things I think I know something about, why should I take a long or short position in something I don't know about?" he asked.

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Mr Buffett has named Gregory Abel, current chairman and CEO of Berkshire Hathaway Energy Company, and Ajit Jain, who is now executive vice-president of Berkshire Hathaway-owned reinsurer National Indemnity Company, as the new board members.

"When it will the collapse or how - I do not know", added he. "We don't own any, we are not short any, we will never have a position", he said. "Why, with all the other options, I have to borrow a long or short position for something I cannot understand", added the investor.

Bitcoin surged to a high of over $19,000 previous year, and has created a divide on Wall Street about whether it could be considered a legitimate financial instrument or not.

Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a "fraud". To be fair, though, Buffett did concede that he doesn't know much about cryptocurrencies.