Warren Buffett has warned cryptocurrencies are doomed, exacerbating Bitcoin's plummeting price following South Korea's decision to ban cryptocurrency trading.
In 2017 Bitcoin's price soared 1,500% to nearly $20,000 - making it the fastest-growing asset in the world - but on Thursday (11 January) its price dipped below $13,000.
"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway told CNBC.
"When it happens or how or anything else, I don't know," he added. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth."
However, Lukman Otunuga, research analyst at FXTM, questioned whether it is game over for Bitcoin.
"With Bitcoin entering the New Year struggling to fully regain its mojo, and bulls simply nowhere to be found this week, could the party be coming to an end?
"It is widely known that a candle flickers most violently just before burning out, could this be the story of Bitcoin and most cryptocurrencies this year? Time will tell.
"Bitcoin is under noticeable pressure on the daily charts, with prices struggling to keep above $13,000 as of writing. Sustained weakness below this level may open a path back towards $12,000 and $10,000, respectively."
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