Billionaire investor Warren Buffett thinks coin offerings will end badly.
“People get excited from big price movements, and Wall Street accommodates,” he said at recent meeting with business students in Omaha, Market Watch reported.
“You can’t value Bitcoin (TIKER: BTC.EXANTE) because it’s not a value-producing asset,” Buffett explained.
He added that there’s no telling how far Bitcoin’s price will go and described it as a “real bubble in that sort of thing.”
Buffett's comments come amidst a significant month for Bitcoin's price. After fluctuating around $4,300 at the beginning of October, the price surged past than $6,100 less than a week ago.
Back in 2014, Buffet advised investors to stay away from Bitcoin entirely.
"It's a mirage basically," he was quoted as saying at the time.