Warren Buffett says bitcoin 'definitely will come to a bad ending'

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Warren Buffett's conglomerate business Berkshire Hathaway is beginning to put a succession plan in place for when he and Charlie Munger retire and the firm's re/insurance leader Ajit Jain has been promoted to the Board of Directors in a new role as Vice Chairman of the Insurance division.

Berkshire Hathaway's Warren Buffett said on Wednesday he will never invest in cryptocurrencies.

Buffett and Charles T. Munger, 94, Berkshire Hathaway's vice chairman, will continue in their current positions, including being responsible for significant capital allocation decisions and investment activities.

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Jain and Abel each fit many aspects of Buffett's carefully tailored job description.

It's a big part of Berkshire that stands to get only bigger, Buffett said in May at the company's annual shareholder meeting, adding that it's "hard to imagine a better-run operation".

The appointments are sure to raise speculation that Abel or Jain are top candidates to succeed Buffett. He has served as chairman of the subsidiary since 2011, and CEO since 2008. Jain is being appointed vice chairman of insurance operations.

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Jain, who joined in 1986, has been serving as executive vice president of Berkshire's National Indemnity Co. and leading Berkshire's reinsurance businesses.

Buffett, the world's third-richest person according to Forbes magazine, has long said Jain has probably made more money for Berkshire than he has.

Todd Combs and Ted Weschler, who are Buffett's investment deputies, are expected eventually to succeed Buffett as Berkshire's chief investment officer.

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