Don’t waste hard-earned cash on bitcoin

Some financial experts are not bullish on cryptocurrency as an investment. They wonder: Is it really the next big thing, or will it run its course? In fact, they urge clients not to waste their hard-earned money on bitcoin.

And what about blockchain, the technology behind bitcoin? Right now a variety of companies are trying to find new ways to utilize blockchain technology.

For investors, the question to ask is: Do you look for companies developing new uses for blockchain, or will this become the next dot-com bubble?

While many financial experts have mixed views on both issues, billionaire investor Warren Buffett recently told CNBC that the craze over bitcoin and other cryptocurrencies won’t end well.

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“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett, the chairman and CEO of Berkshire Hathaway, told CNBC.

Buffett said he would not take a short position on bitcoin futures. “We don’t own any; we’re not short any; we’ll never have a position in them,” he said.

We spoke with several members of the CNBC Digital Financial Advisor Council and had them weigh in on the cryptocurrency craze and the investment opportunity with blockchain technology.

“It’s the wild, wild west,” said Ron Carson, founder and CEO of Carson Wealth Management Group. “But trying to pick a cryptocurrency today is a fool’s game. Unless you’re in gambling mode, I wouldn’t put any money into cryptocurrency right now.”