Bitcoin set for SUDDEN CRASH? Billionaire 'BLASTS' crypto market and promises 'BAD ENDING'
BITCOIN has been blasted by a billionaire who stated that cryptocurrencies will have a “bad ending” and likened BTC to “rat poison squared” during a period of healthy market growth for virtual markets.
Warren Buffett, the CEO of Berkshire Hathaway, issued the scathing verdict during a shareholders meeting in Omaha, Nebraska.
He stated: “Cryptocurrencies will come to a bad ending.
“It essentially will not deliver anything other than supposed scarcity.”
However, the comments from he billionaire come during a time Bitcoin prices are surging.
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The virtual money has added $2,563.48 to its value in the last month, marking a price hike of 37.9 per cent.
Bitcoin is currently trading at $9,327.96 at the time of writing.
Although the cryptocurrency has severely slumped since reaching whopping figures of almost $20,000 back in December, it appears to be pushing towards the $10,000 price mark.
Mr Buffett has not been shy about expressing his scepticism for cryptocurrencies.
Earlier this year he declared reiterated that Bitcoin will come to a “bad ending” but admitted that he did not know when a cryptocurrency crash would occur.
He said: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.
“When it happens or how or anything else, I don’t know.”
The billionaire has openly admitted that he does not own any cryptocurrencies himself.
He added: “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?”
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Over the last week Bitcoin has seen its value rise by 0.35 per cent.
This marks a price rise of $32.66 in the last seven days.
The incredible peaks and troughs of Bitcoin on virtual markets demonstrates its monstrous volatility.