Warren Buffett Predicts 'Bad Ending' For Bitcoin

Warren Buffett Predicts 'Bad Ending' For Bitcoin

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

"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.

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.

If a product exists in which an investor can buy long-term put options on cryptocurrencies, Buffett would jump on the opportunity to take the opposite side of today's popular trade on "every one of the cryptocurrencies".

Abel, 55, will be vice chair of noninsurance businesses and will likely be seen by Wall Street as the most likely to ascend into Buffett's role eventually. Also being tapped was Ajit Jain, who was named Vice Chairman of the Insurance Operations.

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Buffett, 87, and his 94-year-old longtime partner, Charlie Munger, are staying in their respective positions as chairman and CEO and vice chairman.

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

Exchange operators such as CME Group and Cboe Global Markets have opened their platforms to allow bitcoin futures trading.

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

Buffett's comments came a day after JPMorgan CEO Jamie Dimon said he regretted calling bitcoin a "fraud".

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