Warren Buffett warns that Bitcoin boom is heading for ‘bad ending’

US billionaire Warren Buffett has ruled out a foray into cryptocurrencies, warning that the Bitcoin boom will “come to a bad ending”.

The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017.

Speaking to CNBC, the socalled Oracle of Omaha, 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 0 Warren Buffet said Bitcoin boom would hit the buffers anything else, I don’t know. 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.”

Bitcoin was marginally low- er at US$14,426 £ 10,679 in afternoon trading yesterday, according to prices listed by Coindesk.

While the cryptocurrency has fallen from a peak of US$20,000 in mid-december, it remains significantly higher than its US$900 position recorded in January 2017.

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

However, Mr Buffett said he would never take short position on bitcoin futures.

He added: “We don’t own any. I get into enough trouble with things I think I know something about.”