• Home
  • Personal Finance
  • Investing
  • Business
  • Career
  • Consumer
  • Debt
  • Lifestyle
  • Retirement
  • Taxes

Personal Finance News

Latest News About Personal Finance

  • Blogger Net Worths
  • Top Personal Finance Blogs
  • Blogroll

Warren Buffett Predicts “Bad Ending” for Cryptocurrencies

January 14, 2018 Leave a Comment

With cryptocurrencies still in the news, tumbling 10 percent to 20 percent in recent days thanks in part to a change in calculating how the coins are valued, the debate rages on as to whether bitcoin, ethereum, ripple, bitcoin cash and litecoin are, in fact, money.

The Oracle of Omaha, Warren Buffett, said on CNBC that the speculation in bitcoin, and other cryptocurrencies, “will have a bad ending.”

CNBC senior analyst Ron Insana writes:

I am predisposed to view them as just speculative tokens in a cryptocurrency bubble that has inflated more quickly than any other in financial market history. Admittedly I’m green with envy for failing to foresee the explosive rally in the price of bitcoin when it was first brought to my attention several years ago. Having said that, there are many things I find quite ironic about how bitcoin and other “cryptos” are described. First, they are largely denominated, or discussed, in U.S. dollar terms.

If the dollar is archaic, as the crypto-enthusiasts believe, why not speak only in crypto-terms…? Because the dollar remains the reserve currency of the globe. Its usage remains widespread, accounts for roughly 65 percent of all global economic transactions.

It’s much easier to buy and sell dollars, stocks or commodities than it is to trade bitcoin and its brethren. The conversion of one crypto to another is relatively easy on these embryonic exchanges. But getting your digital wealth converted into cold hard cash is more problematic… And while the growth has been impressive, it remains very difficult to walk into any establishment and exchange a digital token for goods or services.

Related

Leave a CommentCancel reply

Must Read

  • What's the Recommended Temperature for Vacant Home in Winter?
  • How to Reach a Live Person at IRS to Resolve Tax Problems
  • Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
  • How One Employee Got Away After Stealing $103 Million
  • How to Refinance a Paid Off Car
  • Two-Thirds of Americans Live Paycheck to Paycheck
  • Professional Panda Cuddler as the World's Best Job for $32,000 per Year
  • John Bogle Net Worth
  • Amazon Cash: Now You Can Pay With Cash on Amazon
  • The Best Day of the Week to Buy Mutual Funds

Recent Posts

  • 47% of Americans Say Achieving Retirement Security Will Take a Miracle
  • Which Cryptocurrency Should You Invest In?
  • Apple Launches Apple Card’s Savings Accounts With 4.15% Interest Rate
  • More Americans Are Using ‘Buy Now, Pay Later’ Services To Pay for Groceries
  • 5 Tips To Get The Best Value On An Insurance Policy
  • 61% Now Living Paycheck to Paycheck
  • 36% Earning $100,000 or More Living Paycheck to Paycheck
  • Two-Thirds of Americans Live Paycheck to Paycheck

Connect With Us

  • Facebook
  • Twitter
Home · About · Terms · Privacy · Contact · Copyright © 2025 · Personal Finance News