When old men and conservatives start warning against something, it is often a sign that they are digging in their heels in a desperate attempt to retain the status quo. Big banks and financiers have been loud in protestations against cryptocurrency, not least the corporate tycoon Warren Buffet. In a CNBC interview on January 10th, the joint head of a multibillion dollar investment holdings group stated categorically that Bitcoin and other alternative currencies \"will definitely come to a bad ending.\" In October 2017 he was already quoted as saying that Bitcoin was heading into \"bubble territory,\" and continues to be adamant that there is no future in digital currency.

To maintain such a position in the face of confessed ignorance perhaps indicates a fear of the unknown, and a reluctance to let go of the privileged position such magnates hold in the 1%. Buffet admits that he has no knowledge of cryptocurrencies, stating in the interview that he gets into \"enough trouble\" in matters where he is informed, let alone trading \"in something I don\'t know anything about.\"

Without giving any specifics about how, when or why, the billionaire investor predicted the downfall of cryptocurrency, also indicating that he has no investments – and will never have any – in Bitcoin or any other digital currency.

 While Buffet\'s pronouncements may scare off investors, many cryptocurrency supporters might see them as fear-mongering.