Likening bitcoin demand to the tulip bulb mania in 17th century Netherlands, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge. "If you don't understand it, you get much more excited," Buffett said on CNBC television. In the wake of Buffett's comments, the price of a bitcoin was at $9,348.26, down $322.98, or just over 3.3 per cent. Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, is also no bitcoin fan, describing it as "worthless artificial gold." Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase.

Source: CBC News May 07, 2018 16:33 UTC