Buffett Steps Down, But Crypto Skepticism Lives On at Berkshire Hathaway
Legendary investor Warren Buffett retires from day-to-day leadership at Berkshire Hathaway by the end of 2025 — closing a legendary chapter in financial history.
Known as the “Oracle of Omaha,” Buffett leaves behind a company valued at over half a trillion dollars and a legacy of value investing that shaped generations of investors. However, one aspect of his philosophy remains controversial: his sharp criticism of Bitcoin , which he once famously called “rat poison squared.”
From ‘Rat Poison Squared’ to ‘Gambling Token’: Buffett’s Crypto Critique
Buffett first labeled Bitcoin “rat poison squared” during a 2018 CNBC interview, warning that digital currencies would likely end in disaster.
“Cryptocurrencies will come to a bad ending,” he said. “If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it.”
Over time, he softened slightly on blockchain technology , calling it significant. But he never changed his mind about Bitcoin itself , branding it a “gambling token” in 2023 as BTC surged past $94,000.
“People want to play the roulette wheel,” Buffett remarked, dismissing the idea that Bitcoin held intrinsic value.
Greg Abel Takes Over – No Shift Expected in Crypto Stance
According to analysts, incoming CEO Greg Abel is unlikely to change Berkshire’s position on crypto anytime soon.
“I would be very surprised if there’s a meaningful change in Berkshire’s attitude toward Bitcoin,” said Meyer Shields, managing director at KBW.
Abel, who currently serves as chairman and CEO of Berkshire Hathaway Energy, is expected to uphold Buffett’s investment principles and avoid major policy shifts.
“I expect Greg Abel to initially avoid doing anything that could look like a marked shift away from Buffett’s and Munger’s values,” Shields added.
Buffett Softens Slightly on Global Currencies, Not Bitcoin
During the most recent shareholder meeting, Buffett acknowledged potential interest in diversifying into other currencies if the U.S. economy weakens.
“There could be things happen in the United States that make us want to own a lot of other currencies,” he said.
However, given his consistent criticism of digital assets , it seems unlikely this includes Bitcoin or any cryptocurrency .
Legacy of Skepticism Amid Growing Crypto Adoption
Despite Buffett’s influence in traditional finance, Bitcoin continues to rise , now trading at $94,565 with growing institutional adoption and regulatory clarity.
Firms once critical of crypto — including BlackRock and JP Morgan — now offer crypto products, signaling a broader shift in Wall Street’s attitude.
But Buffett’s words remain a touchstone for those wary of digital asset speculation, cementing his reputation as one of the most prominent voices against the Bitcoin revolution.
What’s Next After Buffett?
With Buffett stepping back from daily operations but remaining as Chairman , the transition aims to preserve stability and continuity.
Macrae Sykes, portfolio manager at GAMCO Investors, praised Buffett’s handling of the succession plan.
“Another brilliant example of handling a major situation for Berkshire.”
Sykes sees Buffett’s continued presence on the board as a stabilizing force:
“Shareholders should welcome this transparent transition, but also have confidence that Warren isn’t going anywhere.”
Conclusion: A New Era Begins Without a Crypto Shift
While Buffett retires after six decades of unmatched success, his skepticism of Bitcoin and cryptocurrencies will likely endure at Berkshire Hathaway .
Under Greg Abel’s leadership , the firm plans to stay true to its core principles — even as the world around it increasingly embraces blockchain and digital assets .
