The Reasons Why Warren Buffett Views Cryptocurrencies as Poison

As cryptocurrencies continue to rise in value and popularity, with Bitcoin breaking the $66,000 mark on Wednesday, there is growing dislike of these currencies in the US and internationally. Indeed, no one detests cryptocurrencies like Warren Buffett. The legendary Omaha-based investor once even said that Bitcoin (CRYPTO:BTC) was “probably rat poison squared.” The US multi-billionaire, considered by many as the number one authority on stock market and FOREX investments, acknowledges that cryptocurrencies can soar but still believes they will have bad endings.

What does this mean for me?

As a FOREX trader considering venturing into cryptocurrencies, caution is in order. Recent history has shown that these financial tools are very volatile. They can go up exponentially and at the same time plummet rapidly. Add to that the fact that someone as authoritative as Buffet thinks nothing of these currencies and the choice becomes more difficult. Think carefully before you enter this newly-evolving (albeit highly risky) market niche.