Warren Buffett On Bitcoin And His Successor

Warren BuffettBy USA White House [Public domain], via Wikimedia Commons

One of the hot topics at Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has been who is going to replace Warren Buffett—the man whose talent for choosing profitable stocks has earned him the nickname “the Oracle of Omaha.” Although he’s been keeping quiet on the topic, he provided a very small tidbit in this morning’s interview on CNBC’s Squawk Box.

He also offered insight on bitcoin, the digital currency which has captured the imagination of venture capitalists, along with a number of other topics. In fact, he says it isn’t a currency at all.

Buffett: successor to come from within

In this morning’s interview, Warren Buffett indicated that his successor at Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) will be someone from within the firm. He has purposely been keeping investors in the dark regarding the name of his successor. At the age of 83, many have been wondering who will replace him because he’s getting on in years.

Needless to say, whoever that person ends up being will have some massive shoes to fill. Buffett will be a tough act to follow, no matter who he picks. Of course his silence on the subject hasn’t stopped Wall Street from speculating. Last June, some speculated that 28-year-old Harvard MBA holder Tracy Britt, who chairs four of Buffett’s companies and has an office right next-door to his would be his replacement.

Buffett: bitcoin doesn’t qualify as a currency

When asked about bitcoin this morning, Warren Buffett said, as others have, that the crypto-currency isn’t a currency at all. However, he provided some interesting points about why it isn’t. He said it just doesn’t meant the criteria for a currency. For example, the Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) CEO and chairman said it isn’t a store of value, which is a must for a currency.

In fact, he thinks bitcoin won’t even be around in the next decade or two. He notes that the value of the digital currency (or whatever you want to call it) is based on the U.S. dollar’s value, which means that it can’t be a currency on its own.



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About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at Mjones@valuewalk.com.

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