Warren Buffett is ready for the succession of Berkshire Hathaway and is not enthusiastic about cryptocurrencies: “I'm almost certain they will have a bad end. We do not have them in our portfolio and we will never have them ”. Assuring that he will still remain in office in Berkshire, the finance guru announces the entry to the board of directors of two of his eligible successors, Gregory Abel and Ajit Jain, who have been promoted to vice presidents. Buffett and his right-hand man Charlie Munger will remain at the helm and will be responsible for key investments, despite their advanced age. Munger is in fact 94 years old and Buffett 87 years old. “I'm fine for the life I've had. If I had health problems I would communicate it to the board of directors ”, he says, trying to reassure and sweep away the doubts about his possible exit soon.
The promotions, however, shed light on a succession that has now started and whose contours now appear clearer. In recent months Buffett has explained that when he leaves the helm his responsibilities will be divided into three: his son Howard will be president while Todd Combs and Ted Weschler will be responsible for choosing the securities in which to invest. The knot to be solved remains that of the CEO, for which Abel and Jain are in the running. "Their joining the board is a good idea - they do some things better than Buffett," jokes Munger. Pointing out that the Trump administration's approved tax cut will increase the value of American companies by giving holders a greater share of profits, Buffett harshly criticizes the cryptocurrency trend. "I'm pretty sure they'll have a bad end," he says bluntly. "I already have enough problems with things I know, let alone something I don't know about," he adds referring to the fact that Berkshire has no cryptocurrency in his portfolio, "he will never have them" and does not intend to bet on their future. Munger echoes him: "Bitcoin and cryptocurrencies are a bubble". Buffett's rejection follows Jamie Dimon's reverse. The CEO of JPMorgan admits that he "regretted" having called Bitcoin a "fraud": "the blockchain is real," he said opening up to digital currencies. Bitcoin has risen by 12% over the past 1.500 months, although it has recently come under pressure, according to Coindesk, Bitcoin is down 3,69% to block its trade at $ 13.907.