Though cryptocurrency is one of the biggest financial buzzes around right now, in Nigeria and world over, Warren Buffet, the world’s third richest man and investment guru, isn’t quite excited about it.
Word-of-mouth testimonies of young people becoming Naira millionaires through crypocurrency is spreading and everyone is trying to get into the electronic money game. Only in the last two months, its value doubled; sparking a mouth-watering frenzy for would-be investors.
Owning $2000 (N700,000) worth of cryptocurrency November last year would mean its $4000 (N1.4 million) now. Sweet!
n a CNBC interview, the American billionaire said that he is not a fan of the electronic money. He explained that though the value of cryptocurrencies are appreciating, they are not sustainable and would vapourize in the future.
“I can say almost with certainty that they will come to a bad ending,” he said in a Bloomberg report.
The future of cryptocurrency
Warren Buffet is famously called the Oracle of Omaha (his hometown) for his prophetic accuracy in successfully picking and investing in highly profitable company stocks for over four decades; an art that has made him the Chairman and CEO of Berkshire Hathaway, and $78 billion wealthy.
The investment veteran, whose opinion is strongly followed within the American financial community, lending his voice against cryptocurrencies calls for serious caution in investing in the raving electronic money.
However the 87 year old did admit that he does not know when and how the fall of cryptocurrency would occur. On the contrary, Facebook founder, Mark Zuckerberg wrote on his mission statement earlier in the year that one of his objectives for 2018 is to study and understand the raving electronic money phenomenon.
If Facebook adopts the technology, that would be major confidence boosting for investors.