Warren Buffett, a billionaire investor who helped integrate Berkshire Hathaway into a global investment powerhouse, resigned as CEO at the end of the year, but his dislike for Bitcoin (BTC) could be living in the company.
Buffett, who remains chairman of the board, describes Bitcoin as a “rat poison square” and a “gambling token,” demonstrating strong ideological opposition to digital assets. His legacy on this matter casts a long shadow on his successor, Greg Abel.
For investors looking to move towards Berkshire’s crypto stance, the odds look slim.
“We’re committed to providing a great opportunity to help you,” said Meyer Shields, managing director at KBW. “I think there’s a big difference between Buffett/Munger’s attitude towards technology stocks (which they admitted they didn’t understand) and their expressed opposition to cryptocurrency.”
Abel, now chairman and CEO of Berkshire Hathaway Energy and vice-chairman of Berkshire’s non-insurance business, said the Shield was added, saying it is unlikely to make a sudden move that could mark a break from the long-standing views of Buffett and recently passed away Charlie Munger. “Greg Abel hopes to avoid first avoiding what could seem like a significant shift from Buffett and Munger’s values, even if he is actually against it.”
In a meeting with shareholders, the buffet expressed the flexibility to diversify into other currencies if the US economy becomes weaker, saying, “It could happen that (…) you want to own many other currencies (…). However, given Buffet’s ongoing criticism of cryptocurrency, it appears unlikely that it will include Bitcoin.
Still, inheritance was handled with distinctive talent. Macrae Sykes, Portfolio Manager at Gamco Investors, said: He praised Buffett’s decision to close the news until the shareholders’ meeting, allowing him to “address questions and enjoy engagement with shareholders without an overhang in succession.”
Sykes sees Buffett’s continued presence on the board as a steady force. “Shareholders need to welcome this transparent transition, but we are confident that Warren will not go anywhere.”
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