News Worms
News Worms

Cryptocurrencies will come to a bad end ―Warren Buffett

Cryptocurrencies will come to a bad end ―Warren Buffett

Gregory E Abel and Ajit Jain were elected into the resulting vacancies and Warren Buffett, Berkshire Hathaway's Chairman and CEO, appointed Abel to Vice Chairman - Non-Insurance Business Operations and Jain to Vice Chairman - Insurance Operations.

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

"When it happens or how or anything else, I don't know", he added in an interview on CNBC's "Squawk Box" from Omaha, Nebraska.

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". But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties.

Buffett said back in 2014 that bitcoin is a "mirage" and his views hasn't changed.

Bitcoin prices have been buoyed by the launch of bitcoin futures by both the CME and CBOE last month following United States regulatory approval. "Why in the world should I take a long or short position on something I don't know anything about?"

"I get into enough trouble with things I think I know something about", he added.

The Wall Street boss was one of the most high-profile critics of the digital currency, saying he would fire employees trading the digital currency.

Buffett's comments came a day after J.P Morgan Chase Chairman and CEO Jamie Dimon backpedalled his earlier criticisms of cryptocurrencies.


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