Question: In an interview on CNBCs Squawk Box from Omaha, Nebraska 2018, Warren Buffett, the chairman and CEO of Berkshire Hathaway said, In terms of cryptocurrencies,

In an interview on CNBCs Squawk Box from Omaha, Nebraska 2018, Warren Buffett, the chairman and CEO of Berkshire Hathaway said, In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.

On 13 May 2021, Elon Musk, the founder, CEO, and chief engineer at Space twittered that Cryptocurrency is a good idea on many levels and we believe it has a promising future.

(1) In your own words, briefly explain what a cryptocurrency is. (8 marks) (200 words)

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