Warren Buffett Predicts 'Bad Ending' For Bitcoin

Ajit Jain is executive vice president of National Indemnity Company

"Our directors believe that our future CEOs should come from internal candidates whom the Berkshire board has grown to know well", he said. Also being tapped was Ajit Jain, who was named Vice Chairman of the Insurance Operations.

"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.

Despite his fondness for Cherry Coke and Oreos, Warren Buffett is fine.

"They've both got Berkshire in their blood", Buffett said. It's the clearest sign yet of what Buffett will do, after years of speculation. Abel now is the chairman and CEO of Berkshire Hathaway Energy Company, which he joined in 1992.

"Now if something happens, they're right there", Kilpatrick said.

Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992. 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. He now serves as executive vice president of National Indemnity Co. The move is seen as positioning either Abel or Jain to eventually take over running the firm.

Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, the Dairy Queen ice cream chain, Fruit of the Loom underwear, See's sweets, and a variety of industrial and chemical operations.

The company is extremely decentralized with the subsidiaries largely running themselves on a daily basis.

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