World's second-richest man Warren Buffett says bitcoin will 'come to a bad end'

  • 11/01/2018

Berkshire Hathaway's Warren Buffett says he will never invest in cryptocurrencies.

"I can say almost with certainty that cryptocurrencies will come to a bad end," Buffett told CNBC in an interview on Wednesday.

"If you're buying something because it went up yesterday or last week, that is not a good reason for buying anything - it will get you in trouble over time."

Mr Buffett's comments come a day after JPMorgan & Chase chief executive Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September.

Bitcoin has taken the investing world by storm, surging to a high of more than US$19,000 and created a divide on Wall Street about whether it is a legitimate financial instrument.

According to Bloomberg, Mr Buffett is the world's fourth-richest person. Forbes has him ranked second, behind only former Microsoft boss Bill Gates.