Warren Buffett was at it again this week plugging his contempt for the cryptocurrency market. Having well warned of the markets awaiting “bad ending” some months ago, the investment expert is back in the headlines banging none other than Bitcoin (BTC). Pulling his punches from the entire crypto-scene and concentrating on Bitcoin (BTC) may just mask the fact that, indirectly at least, Warren Buffet is already invested in the tech behind the most famous of altcoins, Ripple (XPR).
While Mr. Buffett taunts at the list of overrated companies representing the mainstream of cryptocurrencies, his words against Bitcoin (BTC) this week speak volumes to his investment strategy. In an interview with Yahoo Finance, Buffett remarked, “If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything, you’re just hoping the next guy pays more.”
Warren Buffett is invested directly in a number of financial organizations. From Bank of America to Wells Fargo, these long-term holds make up a substantial portion of the latest traded stocks in his portfolio.
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett said during a Wednesday morning interview on CNBC’s “Squawk Box.”
Buffett said he had no idea about how or when things would go bad for Bitcoin and other cryptocurrencies, however: “When it happens or how or anything else, I don’t know.”
Examples of financial institutions using blockchain technology and specifically Ripple (XRP), to ease cross-border transactions should not be news to anyone anymore. Ripple (XRP) is in use by over 100 of these institutions in an ever-growing list of users and partnerships. And as these experiments take hold, revolutionizing payment systems across the globe, the solid product that Ripple (XRP) represents seems to fly in the face of old Buffett’s stark warnings.
So as Warren Buffett narrows his attacks from the cryptocurrency market as-a-whole to Bitcoin (BTC) specifically, it may be that he is realizing that without needing to invest in any specific coin company, the market itself, and namely Ripple (XRP), may be boosting the shares of his direct stock picks in the banking industry.