Warren Buffett Has No Intention To Go Long Or Short Any Cryptocurrencies

Warren Buffett Chairman and CEO of Berkshire Hathaway

Gregory E Abel and Ajit Jain were elected into the resulting vacancies and Warren Buffett, Berkshire Hathaway's Chairman and CEO, appointed Abel to Vice Chairman - Non-Insurance Business Operations and Jain to Vice Chairman - Insurance Operations.

"It's part of the movement toward succession", Buffett said in an interview with CNBC on Wednesday.

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. Still, Buffett's holding company, Berkshire Hathaway, has promoted two of its executives and put them on the board.

Earlier Wednesday, the Omaha-based conglomerate announced the appointment of two new vice chairs.

Abel and Ajit Jain are being added as directors.

Nevertheless, Buffett, the world's third richest person according to Forbes magazine, has long said Jain has probably made more money for Berkshire than he has.

"We don't own any, we're not short any, we'll never have a position in them", he said.

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

Bitcoin prices have been buoyed by the launch of bitcoin futures by both the CME and CBOE last month following United States regulatory approval.

The wild fluctuations in very short periods of time, plus the lack of tangibility are some of the reasons why many are sceptical of the digital currency. In September, Dimon called bitcoin a fraud.

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