Buffett succession gains clarity as Berkshire promotes Abel, Jain


Warren Buffett has named two Vice Chairmen for the Board of Directors at Berkshire Hathaway, which could provide a clue for the next person to run his corporation.

Buffett told CNBC that these appointments were "part of a movement to succession over time", adding that the appointments should not be seen as a sign of his stepping down from the company's leadership.

The hard-driving Buffett, who has been reluctant to name a successor, said in the past that Berkshire's board knows who would take over if something were to happen to him. But I know this: "If I could buy a five year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

"We don't own any; we're not short any", Buffett said in an interview on CNBC.

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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.

Exchange operators such as CME Group and Cboe Global Markets have opened their platforms to allow bitcoin futures trading. "Why in the world should I take a long or short position on something I don't know anything about?"

His comments come just a day after JP Morgan chief executive Jamie Dimon said he regretted calling Bitcoin a "fraud". The digital currency is up more than 1,500 percent in the past 12 months.

While there has been widespread concern about the rise of Bitcoin, major global figures have also shown their support for cryptocurrencies.