Published: Thu, January 11, 2018
Economy | By Shawn Conner

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

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

Buffett and Charles Munger, Vice Chairman of Berkshire Hathaway will continue in their existing positions.

Buffett said on CNBC Wednesday the new board members are "part of a movement toward succession over time".

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Buffett's comments come a day after JPMorgan & Chase Chief Executive Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September. Gregory Abel and Ajit Jain were then elected to serve as Directors to fill the resulting vacancies on the Board. Meanwhile, Jain, who's now executive vice president of National Indemnity, will be vice chairman of insurance operations. Mr. Buffett added that he remained in good health and enjoyed working, so the promotions shouldn't suggest larger management changes soon.

"Our directors believe that our future CEOs should come from internal candidates whom the Berkshire board has grown to know well", he said.

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Messrs. Jain and Abel have always been considered by those that follow Berkshire to be the leading candidates to replace Mr. Buffett when he no longer leads the company.

This move makes the succession plan clear for investors, said Andy Kilpatrick, who has followed Berkshire for years while writing and updating "Of Permanent Value: The Story of Warren Buffett". The conglomerate also holds major investments in companies such as Coca-Cola, Wells Fargo, American Express and Apple.

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The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017.

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