Weighing in on the current cryptocurrency craze, billionaire investor Warren Buffett said that he believes the future of bitcoin is bleak. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," Buffett told CNBC on "Squawk Box" Wednesday.
In the wake of Buffett's remarks, Jim Cramer, host of CNBC's "Mad Money" tweeted out, "Does anyone else think it is as comedic as I do that the cryptomaniacs trashed Buffett as an old hack who doesn't understand good investments?"
"Buffett has admitted that he missed Amazon and Google. But how about the fact that he has outperformed every other manager on earth? Cryptomaniacs hate that, too?" Cramer wrote.
Indeed, the CEO of Berkshire Hathaway is famous because so many of his financial predictions have come true. That's how he ended up with a net worth of over $81 billionand the nickname "The Oracle of Omaha."
Still, Buffett investment ideas aren't bulletproof, as Cramer notes. He has been wrong. Here's how some of the billionaire's most important past predictions have shaped up.