Cramer: There was no malice in Warren Buffett's dire prediction for bitcoin

Cramer: There was no malice in Warren Buffett's dire prediction for bitcoin

The billionaire founder and CEO of Berkshire Hathaway named two senior executives - Greg Abel and Ajit Jain - to the company's board on Wednesday, while also appointing each of them to run large portions of the firm.

Warren Buffett's Berkshire Hathaway is adding Gregory E. Abel and Ajit Jain as directors, boosting the size of its board to 14 members.

"They are the key figures", Buffett said to CNBC.

Mr Buffett said he still goes to the office on Saturdays, but succession planning has always been part of the discussions among Berkshire Hathaway board members.

Buffett said he had no idea about how or when things would go bad for Bitcoin and other cryptocurrencies, however: "When it happens or how or anything else, I don't know". The 55-year-old Abel will be vice chair of noninsurance businesses and is now the chief executive of Berkshire Hathaway Energy.

"I have to face reality", Munger said. He joined the company in 1992.

Warren Buffett's succession plan is coming into focus.

In late-morning trading, Berkshire Class A shares rose $2,010 to $306,530 and its B shares rose $1.61 to $204.63. JPMorgan's Sarah DeWitt described Abel as Buffett's most likely successor, saying he "would be a strong allocator of capital and the earning power of the underlying businesses would remain strong after Buffett", viewing Jain's age as weighing on his chances. Jain joined the Berkshire Hathaway Insurance Group in 1986 and now serves as executive vice president of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance 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.

In the CNBC interview, Buffett repeated that the board, whose members include Microsoft Corp co-founder Bill Gates, can install a new CEO within a day when he steps down, dies or becomes incapacitated.

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