The values of the most popular cryptocurrency Bitcoin and other cryptocurrencies such as Litecoin, Ethereum, Zcash, etc. are headed for a fall according to the "Oracle of Omaha" Warren Buffett and his investment business partner Charlie Munger.
“I can say almost with certainty that cryptocurrencies will come to a bad end,” Buffett told CNBC in an interview. Warren Buffett has also said that Bitcoin is an effective way of transmitting money and you can transmit money anonymously using it. He added: "A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money?"
Munger said "Investors are excited because things are going up at the moment and it sounds vaguely modern. But I’m not excited.”
Please note that, we are talking about the values of the cryptocurrencies in terms of how much they are worth in dollars or pounds or any other currency. We are not talking about the usefulness of the cryptocurrencies for transmitting money over the Internet. Cryptocurrencies are like checks, they have little worth in terms of money, but are very useful for transmitting money.
Energy usage in Bitcoin
The electricity consumption of the Bitcon network is very high. According to digiconomist, Bitcoin's current electricity consumption is 42.38 terawatts-hour (TWh) which is equivalent to the power consumed by 3924411 US households, and 0.19% of the world's electricity consumption.