Bitcoin Likely Still ‘Rat Poison’ at Berkshire Hathaway Even Without Warren Buffett

Warren Buffett, the billionaire investor who helped shape Berkshire Hathaway into a global investment powerhouse, is stepping down as CEO at year-end — but his distaste for bitcoin (BTC) will likely live on at the firm.

Buffett, who will remain chairman of the board, has famously described bitcoin as “rat poison squared” and a “gambling token,” signaling a strong ideological opposition to digital assets. His legacy on this issue casts a long shadow over his successor, Greg Abel, who now takes the reins of day-to-day leadership.

For investors hoping for a shift in Berkshire’s crypto stance, the odds look slim.

“I would be very surprised if there’s a meaningful change in Berkshire’s attitude toward Bitcoin,” said Meyer Shields, managing director at KBW. “On the merits, I think there’s a vast difference between the Buffett/Munger attitude to technology stocks (which they admitted to not understanding) and their expressed opposition to cryptocurrency.”

Currently chairman and CEO at Berkshire Hathaway Energy and vice-chairman of Berkshire’s non-insurance operations, incoming CEO Abel is unlikely to make sudden moves that could signal a break from Buffett’s and recently deceased Charlie Munger’s longstanding views, added Shields. “I expect Greg Abel to initially avoid doing anything that could look like a marked shift away from Buffett’s and Munger’s values, even if he actually disagrees.”

During a meeting with shareholders, Buffet expressed flexibility to diversify into other currencies if the U.S. economy were to weaken more, saying that “there could be […] things happen in the United States that […] make us want to own a lot of other currencies.” However, given Buffet’s continued critique of cryptocurrencies, it seems unlikely that would include bitcoin.

Still, the succession was handled with characteristic flair. “Another brilliant example of handling a major situation for Berkshire,” said Macrae Sykes, portfolio manager at GAMCO Investors. He praised Buffett’s decision to keep the news under wraps until the shareholder meeting, allowing him to “address questions and enjoy the engagement with shareholders without the succession overhang.”

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.”

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