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TECHNOLOGY

Warren Buffett Says Beware of Cryptocurrencies: ‘They Will Come to a Bad Ending’

Buffett’s comments came a day after Eastman Kodak announced it created a digital currency dubbed KodakCoin.

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BY Emily Canal - 10 Jan 2018

Warren Buffett Says Beware of Cryptocurrencies: 'They Will Come to a Bad Ending'

PHOTO CREDIT: Getty Images

As the cryptocurrency craze heats up, Eastman Kodak announced Tuesday that it's creating its own digital currency. The 100-year-old company said it used blockchain to create a new platform for digital photography with its own cryptocurrency, called KodakCoin.

But Berkshire Hathaway CEO Warren Buffett is wary of the cryptocurrency mania. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," he told CNBC on Wednesday. "When it happens or how or anything else I don't know."

The billionaire investor's comments came a day after Kodak announced its KodakCoin and new platform for digital photography called KodakOne. The site is intended to give photographers a place to license their work and receive payments. The company's stock surged more than 30 percent after Kodak's news.

Cryptocurrency trading saw a massive uptick in the last year as bitcoin's price skyrocketed to new highs. The digital currency started 2017 with prices below $1,000 and soared to $17,000 in December. However, prominent investors and businesses have approached cryptocurrencies with caution.

While Buffett told CNBC he would not take a short position on bitcoin futures, JPMorgan Chase CEO and Chairman Jamie Dimon said he regrets calling bitcoin a "fraud" in September.

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