Warren Buffett, one of the most revered figures in financial history, has officially announced his retirement as CEO of Berkshire Hathaway, marking the end of an extraordinary 60-year tenure. The 94-year-old made the announcement during the company’s annual shareholder meeting, confirming he will step down by the end of 2025.
Under Buffett’s leadership, Berkshire evolved from a struggling textile firm into a global investment powerhouse—delivering a staggering 5,500,000% return to shareholders and redefining the principles of long-term, fundamentals-based investing.
Despite his towering legacy in traditional finance, Buffett remained a consistent and outspoken critic of Bitcoin throughout his career. He famously described the cryptocurrency as “rat poison squared” during a 2018 CNBC interview—a phrase that became emblematic of Wall Street’s skepticism toward digital assets during crypto’s early years.
Even as blockchain technology matured and institutional interest in crypto surged, Buffett’s opinion never wavered. While he occasionally acknowledged the potential of the technology behind digital currencies, he continued to question Bitcoin’s intrinsic value, real-world utility, and long-term viability as a store of wealth.
Now, with Vice Chairman Greg Abel set to succeed him as CEO, speculation is mounting over whether Berkshire Hathaway might eventually embrace a more progressive stance on digital assets. Such a pivot would mark a dramatic departure from Buffett’s cautious, value-driven philosophy.
Buffett’s Crypto Dinner: Praise for Blockchain, Disdain for Bitcoin
Buffett’s most direct brush with the crypto world came in 2020 during a high-profile dinner with TRON founder Justin Sun. The $4.6 million charity meal was seen by some as a chance to sway the billionaire’s perspective on crypto.
While the dinner was cordial and Buffett acknowledged the innovative aspects of blockchain, he held firm in his rejection of Bitcoin. He reportedly likened it to a collectible seashell being passed around—devoid of productive value or economic output.
“Just because something has value doesn’t make it a good investment,” Buffett told Sun. The comment echoed his broader investment philosophy, which has always prioritized assets with predictable earnings and cash flows—traits he saw as lacking in Bitcoin and other cryptocurrencies.
Buffett has historically steered clear of non-yielding assets like gold and oil, viewing them as speculative. Bitcoin, dubbed “digital gold” by many of its advocates, naturally fell outside his investment framework.
From ‘Delusion’ to Disruption: Buffett’s Unwavering Crypto Critique
Even as Bitcoin reached record highs and gained mainstream traction, Buffett’s criticism remained consistent. As recently as 2023, he labeled Bitcoin a “gambling token,” arguing it attracted speculators rather than long-term investors.
His remarks often stood in stark contrast to a changing financial landscape. While firms like BlackRock, Fidelity, and JPMorgan began integrating blockchain and offering crypto-related products, Buffett remained anchored in traditional sectors—favoring insurance, utilities, and industrial companies.
Though he gradually warmed to certain tech stocks (Apple became Berkshire’s largest holding only after 2016), Buffett never saw Bitcoin as a credible asset. In a 2019 interview, he described it as “a delusion,” even as public sentiment and institutional behavior shifted toward acceptance.
Meanwhile, other financial titans who once echoed Buffett’s skepticism—such as BlackRock CEO Larry Fink—have since reversed course, endorsing Bitcoin’s role in a diversified portfolio. Buffett, however, maintained his critical stance until the end of his tenure.
Quick Facts
- Warren Buffett will step down as CEO of Berkshire Hathaway in 2025, concluding a 60-year career that delivered a 5,500,000% return.
- He remained a vocal critic of Bitcoin, famously calling it “rat poison squared” and questioning its investment merit.
- Though he acknowledged blockchain’s potential, Buffett consistently dismissed Bitcoin as lacking intrinsic value.
- His retirement raises speculation over whether incoming CEO Greg Abel may guide Berkshire Hathaway toward a more crypto-receptive future.
