“There are basically two kinds of assets,” elaborated Warren Buffett, who was in his office and not buying bitcoin the day I called. “One you look to the stream of income it will produce; the other you hope like hell that someone will pay you more for it.” The second type is inherently speculative; it includes gold, although gold at least has value as jewelry. It most definitely includes bitcoin.
What do you think they will do when it goes down? “I will say this,” Buffett added, “it will come to a bad ending.”