Cryptocurrencies will come to a bad end ―Warren Buffett

Jan 11, 2018, 00:26
Cryptocurrencies will come to a bad end ―Warren Buffett

Berkshire Hathaway has promoted two long-serving executives as it contemplates a future without billionaire boss Warren Buffett. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.

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

Other Connecticut subsidiaries include General Reinsurance in Stamford; Duracell in Bethel; Charter Brokerage in Norwalk; H.H. Brown Shoe in Greenwich; and Berkshire Hathaway HomeServices New England Properties in Wallingford.

The companies are run in a decentralised fashion, but major investment decisions remain controlled by Mr Buffett and vice chairman Charlie Munger, 93.

Berkshire Hathway expanded its board of directors to 14 members from 12.

Buffett said he had no idea about how or when things would go bad for Bitcoin and other cryptocurrencies, however: "When it happens or how or anything else, I don't know".

"I love what I do at Berkshire", he said. Yet Buffett says Abel and Jain are the right choices as potential successors.

None of the executives was immediately available for interviews. 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. "Why in the world should I take a long or short position on something I don't know anything about?" But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties.

Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer.

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