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However, the comments from he billionaire come during a time Bitcoin prices are surging.

“It essentially will not deliver anything other than supposed scarcity.”

He stated: “Cryptocurrencies will come to a bad ending.

Warren Buffett, the CEO of Berkshire Hathaway, issued the scathing verdict during a shareholders meeting in Omaha, Nebraska.

Bitcoin is currently trading at $9,327.96 at the time of writing

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The virtual money has added $2,563.48 to its value in the last month, marking a price hike of 37.9 per cent.

Bitcoin is currently trading at $9,327.96 at the time of writing.

Although the cryptocurrency has severely slumped since reaching whopping figures of almost $20,000 back in December, it appears to be pushing towards the $10,000 price mark.

Mr Buffett has not been shy about expressing his scepticism for cryptocurrencies.