Economy

Warren Buffett says bitcoin 'definitely will come to a bad ending'

Warren Buffett says bitcoin 'definitely will come to a bad ending'

"I feel terrific, and I love what I do", Buffett said on CNBC about a half-hour after Berkshire sent out a press release announcing that Ajit Jain, 66, is now the Omaha-based company's vice chairman of insurance operations and Greg Abel, 55, is vice chairman of non-insurance operations.

He had been chief executive of its MidAmerican Energy Co subsidiary, which provides electric and natural gas service in four Midwest U.S. states, and BHE Renewables, which builds wind and solar farms. Abel will serve as vice chairman of non-insurance business, while Jain will serve as vice chair of insurance operations. "We'll never have a position in them".

Who Berkshire would pick to succeed Mr. Buffett as chief executive has always been on the minds of investors.

Mr Buffett's further comments on the appointments in his letter to shareholders will be closely watched for any hint of which of the duo are favoured to be the successor.

Rogers, a longtime Buffett watcher and Berkshire shareholder, said investors could see the price of bitcoin and other cryptocurrencies "much, much lower" in about five years. However he noted that there was "nothing magic" about the timing of the latest announcement. Rising interest rates could also help increase banks' profit margins, as the Federal Reserve is expected to raise rates another three times during the year.

More news: Molina Healthcare, Inc. (NYSE:MOH) Earnings Forecast In Focus

She said naming Abel and Jain also may signal that, just as Buffett and Munger have run Berkshire since the 1960s, two people may run Berkshire in the future, with one as the CEO and the other having a strong role as vice chairman.

Buffett said he will notify Berkshire's board and shareholders if he experiences any health issues.

The unit serves the central and western United States, Alberta, Canada and Britain, and operates HomeServices of America, the majority owner of Berkshire Hathaway HomeServices and one of the largest USA residential real estate brokerages.

Abel grew up in Alberta, Canada and joined Berkshire Hathaway Energy in 1992. Under him Berkshire's re-insurance business has grown to be one of the largest in the world. Some of that activity has been taken over by fund managers Todd Coombs and Ted Weschler.

Visa will stop requiring signatures for purchases made in North America using chip-card technology, a win for big bricks-and-mortar retailers that could help them cut the cost of accepting plastic. Buffett and has overseen its.


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