Warren Buffett finally gives his verdict on Bitcoin…and people are FREAKING OUT

Warren Buffett finally gives his verdict on Bitcoin…and people are FREAKING OUT

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

Warren Buffett's succession plan is coming into focus.

In connection with their election to the Board of Directors, Buffett, Berkshire Hathaway's Chairman and CEO, appointed Abel to be Berkshire Hathaway's Vice Chairman - Non-Insurance Business Operations and Jain to be its Vice Chairman - Insurance Operations. "They both have Berkshire in their blood".

For years, Buffett has said Berkshire had identified several internal CEO candidates who could replace him.

Also on the show, Buffett's right-hand man, Charlie Munger, also blasted frothiness in bitcoin - and in venture capital funding. Buffett had refused to name them, but investors who follow Berkshire had long included Jain and Abel on their short lists.

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Abel joined Berkshire Hathaway Energy 1992 and now serves as its Chairman and CEO.

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.

Jain, 66, was named vice chair of the insurance operations.

Buffett's eldest son, Howard, is expected to become Berkshire's non-executive chairman, to help preserve the company culture.

Berkshire has grown to employ roughly 370,000 people, but only 25 of those work at the conglomerate's headquarters in Omaha, Nebraska.