Warren Buffett does not recommend to work with cryptocurrencies, because did not know about them

In an interview with CNBC January 10, the Manager is a billionaire investment group Berkshire Hathaway said that, in his opinion, the story of an innovative financial technology (cryptocurrencies) is not gonna end:

About cryptocurrency, I can confidently say that nothing good is not over. When this happens, or how, I don’t know.

Investment tycoon also said that he has nothing invested in bitcoin or other cryptocurrencies:

If I could buy a five-year rate for each of the cryptocurrencies, I’d be glad to do it, but I would never work in short positions on cryptocurrencies. We do not have any short or long positions and never will.

“Five year rate” is a type of option contract which allows the investors to sell certain securities at a specified price at a specified time. The investor would buy a call option if it believed that the underlying technology will be a success, but Buffett believes that all crypto-currencies will drop in price.

Despite the fact that this point of view Buffett’s can scare off many investors, one must also consider one fact that even he himself admits:

At the time, I had a lot of problems with things I thought I knew almost everything. Why should I take short or long position in something, I don’t know anything?