Warren Buffett said he's no fan of cryptocurrencies like bitcoin and is confident that the run up in their value is fleeting.
Still, Buffett's holding company, Berkshire Hathaway, has promoted two of its executives and put them on the board.
Buffett and Berkshire's 94-year-old Vice Chairman Charlie Munger will retain their positions on the board, which is expanding to 14 members from 12.
Buffett told CNBC that these appointments were "part of a movement to succession over time", adding that the appointments should not be seen as a sign of his stepping down from the company's leadership.
Buffett's comments come a day after JPMorgan & Chase Chief Executive Jamie Dimon said he regrets calling bitcoin a fraud, referring to comments he made at a banking conference in September.
Addressing the timing of the move, Buffett said he's in "remarkably good health" considering his age. With that, Berkshire gets points for doing succession right.
For years, Buffett has said Berkshire had identified several internal CEO candidates who could replace him. "They both have Berkshire in their blood".
Abel, who leads Berkshire Hathaway's utility unit, will now oversee all of the conglomerate's non-insurance business operations.
The chairman and chief executive of Berkshire Hathaway has joined the chorus of voices criticising the digital currency, which endured a rollercoaster ride at the tail end of 2017. Jain joined in 1986 and now serves as Executive Vice President of National Indemnity Company with overall responsibility for leading Berkshire's reinsurance operations.