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Warren Buffett predicts Bitcoin will not end well
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“Speaking of the future of cryptocurrencies in general, I can say for sure that they will definitely not end well,” Berkshire Hathaway chairman and CEO told CNBC.
The investor said he will not “come close” to Bitcoin and is not interested in the transactions related to this currency. But if in the next five years these options were still available, he would buy one of the products of the existing digital currencies.
A put option gives the holder the right, but not the obligation, to sell a security on a given price and can be used to bet the price of an asset down.
At the moment, according to Coimarketcap.com, the price of bitcoin is around $ 14,500, far from the peak when bitcoin reached a record price of $ 19,000 in mid-December 2017.
The rapid rise in prices of bitcoin and other digital currencies over the past year has attracted the attention of Wall Street investors. On Tuesday, JPMorgan Chase & Co Chairman and CEO Jamie Dimon expressed regret for calling bitcoin a “scam” in September.
However, he still believes that cryptocurrencies are being overblown, even when blockchain – the technology platform behind cryptocurrencies, is completely realistic.
On Wednesday, Berkshire announced that it would appoint Gregory Abel and Ajit Jain as Group Vice Presidents – a tacit affirmation that one of them will soon replace Warren Buffett to lead the Group.
As for the US stock market, Buffett established that corporate tax cuts from last month have not been reflected in stock prices. Buffett compared the reduction of corporate income tax from 35% to 21% like a “silent shareholder”, in this case the US Government – having given up the large amount of profits from the profits of other shareholders.
“You will see a big change in the group of silent shareholders – those who are satisfied with the 35% tax rate; and now instead of receiving 35% interest from the income earned, they get 21%. This makes the remaining stocks more valuable, ”he said.
Following the upward momentum of 2017, the US stock market continuously increased in the first 6 trading days of 2018 and only had the first losing session yesterday (January 10) with a very slight decrease.
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