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Cryptocurrencies will come to a bad end ―Warren Buffett

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Bloomberg’s Noah Buhayar discusses why Gregory Abel is a leading contender to replace Warren Buffett

Ajit Jain, head of Berkshire Hathaway Reinsurance Group, on April 30, 2016 at the annual meeting of Berkshire Hathaway in Omaha, Neb.

Berkshire's board will grow to 14 members from 12 with the addition of Abel and Jain.

Buffett said he had no idea about how or when things would go bad for Bitcoin and other cryptocurrencies, however: "When it happens or how or anything else, I don't know".

He said his company, Berkshire Hathaway, does not own any Bitcoin futures, nor is it taking a short position for Bitcoin or other cryptocurrencies.

Abel, now chairman and CEO of Berkshire Hathaway Energy, will assume the role as vice chairman of non-insurance business operations.

He declined to say how long he expected to remain at the helm but said: "Ten years would be a long time".

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"I love what I do at Berkshire", he said.

Buffett, 87, who was treated for prostate cancer some years ago, described himself in "remarkably good health" in the CNBC interview.

Abel, who grew up in Alberta, Canada, joined Berkshire Hathaway Energy in 1992.

In late-morning trading, Berkshire Class A shares rose $2,010 to $306,530 and its B shares rose $1.61 to $204.63. His Iowa-based unit now runs several power companies in the United States, Canada and Britain, as well as natural gas pipelines and solar and wind farms. He now serves as executive vice president of National Indemnity Co. "Why in the world should I take a long or short position in something I don't know anything about?"

Mr Buffett told CNBC that the changes should be nearly imperceptible from the outside. But Greg Abel and Ajit Jain will also become vice chairmen and take on more duties. Over the last decade, Berkshire's Buffett brought in two hedge fund managers, Ted Weschler and Todd Combs, for investing in publicly traded stocks. He now serves as executive vice president of National Indemnity Co.

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