Warren Buffett's Berkshire Hathaway expands its board

Warren Buffet

Warren Buffett appointed introduced a pair of company insiders with "Berkshire in their blood" to the conglomerate's board Wednesday, and signaled one of them may succeed him as Berkshire Hathaway (BRKB) chief.

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

Buffett and Charles T Munger, Vice Chairman of Berkshire Hathaway, will continue in their existing positions, including being responsible for significant capital allocation decisions and investment activities.

Buffett said back in 2014 that bitcoin is a "mirage" and his views hasn't changed.

Warren Buffett's Berkshire Hathaway is adding Gregory E. Abel and Ajit Jain as directors, boosting the size of its board to 14 members. "They are the two key figures at Berkshire".

Regardless, Paul Lountzis, president of Lountzis Asset Management LLC in Wyomissing, Pennsylvania, said "shareholders should be happy that these large, large contributors to Berkshire's value are now vice chairmen, and on the board". Jain will oversee all of Berkshire's insurance operations.

"We'll never have a position in them", Buffett, chairman and CEO of Berkshire Hathaway, told CNBC's "Squawk Box" Wednesday morning.

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

Responding to an analyst report that predicted Buffett could run Berkshire for the next 10 years, the Oracle of Omaha said that sounds a bit long without getting anymore specific.

"I have to face reality", Munger said.

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