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Buffett’s Views on Cryptocurrencies

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Price trends

Bitcoin has seen some ups and downs. Over 24 hours, it had risen 1% as of 10:00 PM EST (Eastern Standard Time) on January 10, 2018, to $14,568. Major cryptocurrencies Ripple, Cardano, and NEM had fallen 7.4%, 2.3%, and 0.48%, respectively. Ethereum was almost flat, falling a marginal 0.2% to $1,321, while Bitcoin Cash, Litecoin, and IOTA had risen 16.3%, 0.58%, and 7.3%, respectively.

Bitcoin (ARKW) volumes have been volatile, like its price. However, there has a clear upward trend in its price, especially during the last quarter of 2017. Bitcoin’s market capitalization is $245 billion.

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Biggest gainers and losers

As of 10:00 PM on January 10, VIBE had been the biggest gainer in 24 hours, rising a whopping 516%. VeChain, EOS, and Po.et had risen 40.4%, 21%, and 20%, respectively. The biggest losers were Dentacoin, WAX, Storm, and Medibloc, which had fallen 27.2%, 21.6%, 21.5%, and 19%, respectively.

Warren Buffett’s take

Berkshire Hathaway CEO Warren Buffett’s recent comments to CNBC on cryptocurrencies is gripping investors. He stated that “in terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. When it happens or how or anything else, I don’t know.” Known as the “Oracle of Omaha,” Buffett is highly regarded by investors for his views.

JPMorgan Chase CEO Jamie Dimon has also shared some negative views on Bitcoin in the last year. Whereas he recently told Fox Business that he regrets calling bitcoin a “fraud,” he is still not interested in cryptocurrencies.

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