Bitcoin & ALL other cryptocurrencies are CERTAIN to end BADLY, billionaire Buffett warns

BITCOIN and other cryptocurrencies such as Ripple and ethereum will all eventually come to a brutal end, billionaire business mogul Warren Buffett has warned.

The cryptocurrency craze will “definitely” end badly as the Bitcoin price continues to plummet, business magnate Warren Buffett has said.

Speaking to CNBC, the CEO of Berkshire Hathaway said: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”

Mr Buffet said he is unsure when the cryptocurrencies bubble will burst but he is “certain” it will happen.

He said: “I know this. If I could buy long-term puts. If I could buy a five-year put on every one of the cryptocurrencies – I’d be glad to do it. But I would never short a dime’s worth.

“I think what’s going on will definitely come to a bad ending.”

Mr Buffett said he would not occupy a short position on the future of bitcoin. He said: "I get into enough trouble with things I think I know something about.”

"Why in the world should I take a long or short position in something I don't know anything about."

Mr Buffet said bitcoin will not be a currency Berkshire Hathaway would invest on in the future. He said: “We aren’t, believe me. We don’t own any and we’re not short any and we don’t have a position in them.”

Bitcoin price declined by 0.85 percent to $14,316.12 at 15:50, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.

Ripple and ethereum are other cryptocurrencies taking the markets by storm. But potential investors are split on which token to invest in.

Ripple has made the headlines this month after skyrocketing more than 1,000 percent in value since December 2017 – rising from around $0.006 per token.

The team behind ethereum believe that this creates a unique opportunity for bitcoin and ethereum to coexist rather than compete.

JPMorgan chief executive Jamie Dimon said in October bitcoin investors are “stupid” and will pay the price for it one day.

But Mr Dimon later said he regrets calling bitcoin a fraud. He told Fox that the “blockchain is real”.

He said: "You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people."

A financial expert, however, has said he expects bitcoin price to double by the end of 2018 with the original cryptocurrency remaining the “king of the hill”.

Tom Lee, co-founder of Funstrat Global Advisors, told CNBC: “There is a lot of concern about bitcoin being off its highs, I think it’s a really healthy consolidation.

“At the same time, I don’t think investors have fled the blockchain.

“The madcaps have almost tripled in the same time that bitcoin consolidated, so I think there is a very healthy rotation taking place.

“The use case of bitcoin hasn’t changed, it’s a store value. I think bitcoin still have bright prospects and it’s going to be at least $20,000 by the middle of this year and probably more than double by the end of the year.”

Jehan Chu, a cryptocurrency trader, predicted bitcoin could reach $50,000 by the end of 2018 as it continues to surge in price.

He said: “I really think in 2018 not only will we see $50,000 price levels for bitcoin, but I think we’re going to be seeing cryptocurrency and blockchain technology from its adolescence.”