Buffett on cryptocurrencies: 'They will come to a bad ending'

Buffett on cryptocurrencies: 'They will come to a bad ending'

Buffett on cryptocurrencies: 'They will come to a bad ending'

Buffett and Charles T Munger, Vice Chairman of Berkshire Hathaway, will continue in their existing positions, including being responsible for significant capital allocation decisions and investment activities. But most financial analysts are not convinced that the cryptocurrency is here to stay. "They are the two key figures at Berkshire...this would've made sense five years ago, too".

Speaking to CNBC, the so-called Oracle of Omaha said: "In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending". He also views Abel as the top candidate.

Berkshire owns more than 90 different companies in a variety of industries, including electric utilities, retail jewelers, insurance and BNSF railroad.

Buffett dismissed the idea of a horse race between Abel and Jain for the top job.

"They've both got Berkshire in their blood", Buffett said.

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The company's Board of Directors also voted to increase the number of directors to 14 from 12.

"Now when it happens, or how or anything else, I don't know. Berkshire will operate best if its CEOs average well over 10 years at the helm". He said jokingly, "I wasn't much to start with".

In late-morning trading, Berkshire Class A shares rose $2,010 to $306,530 and its B shares rose $1.61 to $204.63. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations. His Iowa-based unit now runs several power companies in the United States, Canada and Britain, as well as natural gas pipelines and solar and wind farms. Jain is being appointed vice chairman of insurance operations.

"Why in the world should I take a long or short position in something I don't know anything about". Speculation had centered on Abel and Jain as possibilities. Jain is the Executive Vice President of National Indemnity Co.

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