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

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Reuters

Warren Buffett's succession plan is coming into focus. Gregory Abel and Ajit Jain were then elected to serve as Directors to fill the resulting vacancies on the Board.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said.

"They've both got Berkshire in their blood", Buffett said.

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

Buffett and Charles T Munger, Vice Chairman of Berkshire Hathaway, will continue in their existing positions, including being responsible for significant capital allocation decisions and investment activities. Speculation had centered on Abel and Jain as possibilities.

"Now if something happens, they're right there", Kilpatrick said.

Jain, who joined Berkshire in 1986, runs the reinsurance operations, providing coverage against major catastrophes and generating tens of billions of dollars of premiums for Berkshire to invest.

Buffett shot down the idea that Abel and Jain would share the CEO post once he's no longer running the company, saying there would be one person in the position but not saying who it would potentially be.

Abel, chairman and CEO of Berkshire Hathaway Energy Co., is being named vice chairman of non-insurance business operations.

Berkshire has grown to employ roughly 370,000 people, but only 25 of those work at the conglomerate's headquarters in Omaha, Nebraska.

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