Stamford executive made vice chair of Berkshire Hathaway

Berkshire Hathaway's billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

In an interview on CNBC, Buffett called the changes "part of the movement toward succession over time", saying Abel and Jain are "the two key figures" at Berkshire and "have Berkshire in their blood".

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

"Now when it happens, or how or anything else, I don't know".

Also made vice chairman was Gregory Abel leading the company's non-insurance operations, with Abel CEO of Berkshire Hathaway Energy.

Mr Abel, 55, now chief executive of Berkshire Hathaway Energy, has been named as vice chairman for non-insurance business operations.

"I have to face reality", Munger said.

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific.

In late-morning trading, Berkshire Class A shares rose $2,010 to $306,530 and its B shares rose $1.61 to $204.63. He joined the company in 1992. Ajit Jain, 66, will be vice chair of insurance operations.

While Berkshire remains best known for insurance and reinsurance, the sector generates only about one-fourth of operating results as the company has diversified.

Buffett said he would not take a short position on bitcoin futures. Over the last decade, Berkshire's Buffett brought in two hedge fund managers, Ted Weschler and Todd Combs, for investing in publicly traded stocks. Munger put forth the idea for Abel, Jain and himself to all have vice-chair titles, Buffett said. He now serves as executive vice president of National Indemnity Co.

  • Anthony Vega