Warren Buffett Just Ripped Cryptocurrency to Shreds

GettyImages-632123380

GettyImages-632123380

The 55-year-old Abel will be vice chair of noninsurance businesses and is now the chief executive of Berkshire Hathaway Energy.

Warren Buffett and Charlie Munger will retain their positions on the board.

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

Buffett told CNBC that elevating Abel and Jain would have also made sense five years ago.

Regardless, Paul Lountzis, president of Lountzis Asset Management LLC in Wyomissing, Pennsylvania, said "shareholders should be happy that these large, large contributors to Berkshire's value are now vice chairmen, and on the board".

Mr Buffett has led Berkshire Hathaway for more than four decades, turning it into a complex conglomerate with holdings in freight rail, major insurance companies, real estate, newspapers and utilities.

Greg Gabriel discusses the Bears hire of Matt Nagy on Sports Feed
The most important element of Nagy's hire is his past work with quarterbacks. "But that was certainly a part of it". Kansas City won four in a row to close out the regular season before Saturday's collapse against the Titans.

He said his company, Berkshire Hathaway, does not own any Bitcoin futures, nor is it taking a short position for Bitcoin or other cryptocurrencies.

It was Munger's idea for Abel, Jain, and himself to all have vice chair titles, Buffett said. "They both have Berkshire in their blood".

In connection with their election to the Board of Directors, Buffett, Berkshire Hathaway's Chairman and CEO, appointed Abel to be Berkshire Hathaway's Vice Chairman - Non-Insurance Business Operations and Jain to be its Vice Chairman - Insurance Operations.

"I get into enough trouble with things I think I know something about", Buffett explained.

He declined to say how long he expected to remain at the helm but said: "Ten years would be a long time".

Berkshire Hathaway has promoted two long-serving executives as it contemplates a future without billionaire boss Warren Buffett.

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