U.S. billionaire Warren Buffett warns Bitcoin is heading for 'bad ending'

  • U.S. billionaire Warren Buffett warns Bitcoin is heading for 'bad ending'

U.S. billionaire Warren Buffett warns Bitcoin is heading for 'bad ending'

"In terms of cryptocurrencies, generally, I can say nearly with certainty that they will come to a bad ending", Buffett said in an interview on CNBC on Wednesday.

Buffett, who first publicly raised the succession issue more than a decade ago, said he remained in "remarkably good health" and that his health was not a factor in making the announcement, but said "maybe six weeks ago, I just decided, 'Why not now?'"

If a product exists in which an investor can buy long-term put options on cryptocurrencies, Buffett would jump on the opportunity to take the opposite side of today's popular trade on "every one of the cryptocurrencies".

Warren Buffett and Charlie Munger will retain their positions on the board.

Earlier Wednesday, the Omaha-based conglomerate announced the appointment of two new vice chairs. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.

Buffett said he would not take a short position on bitcoin futures.

"They are the key figures", said Buffett in a "Squawk Box" interview from Omaha.

Bitcoin prices have been buoyed by the launch of bitcoin futures by both the CME and CBOE last month following U.S. regulatory approval.

"I get into enough trouble with things I think I know something about", he added.

The price of bitcoin declined 3.69 percent to $13,907 Wednesday, according to data from industry website CoinDesk.

The wild fluctuations in very short periods of time, plus the lack of tangibility are some of the reasons why many are sceptical of the digital currency.