Buffett Exits Stage Left as Chairman, Still Warns Against Bitcoin
Warren Buffett, often referred to as the 'Oracle of Omaha', has stepped down as chairman of Berkshire Hathaway after more than 60 years. He has assumed the title of Chairman Emeritus and will remain on the board. His son Howard G. Buffett will take over as chairman, while Greg Abel continues as CEO.
Buffett's departure marks the end of his active career as a vocal critic of Bitcoin. The billionaire investor has repeatedly described BTC as 'rat poison squared', saying it lacks intrinsic value and is not suitable for investment. He emphasized that unlike productive assets such as farmland or apartment buildings, Bitcoin generates no cash flow.
Buffett's views on Bitcoin date back to 2014 when he told CNBC investors to 'stay away from it' due to its speculative nature. He has consistently maintained that BTC is a 'gambling token' with no underlying value. In 2022, Buffett contrasted the cryptocurrency with productive assets, saying even if someone offered him all the Bitcoin in the world for $25, he would not buy it.
Despite his criticism, Bitcoin's market cap has grown to over $1.6 trillion, surpassing Berkshire Hathaway's valuation of below $1.1 trillion.