Warren Buffett, the billionaire investor, who helped shape Berkshire Hathaway into a global investment force, steps down as CEO at the end of the year-but his dissatisfaction with Bitcoin (BTC) is likely to live on the company.
Buffett, who will remain chairman of the board, has famously described Bitcoin as a “rat poison square” and a “gambling” that signalizes a strong ideological resistance to digital assets. His legacy of this question throws a long shadow over his successor, Greg Abel, who now takes the reins from the day -to -day management.
For investors hoping for a shift in Berkshire’s crypto attitude, the odds look slim.
“I would be very surprised if there is a meaningful change in Berkshire’s attitude towards Bitcoin,” said Meyer Shields, CEO of KBW. “At the benefits, I think there is a huge difference between the Buffett/Munger attitude to technology stores (which they did not understand to understand) and their expressed resistance to cryptocurrency.”
Currently, the President and CEO of Berkshire Hathaway Energy and Vice-President of Berkshire’s non-insurance operations, incoming CEO Abel is unlikely that sudden traits that can signal a break from Buffett’s and recently deceased Charlie Munger’s long-standing views, added Shields. “I expect Greg Abel to avoid doing something that could look like a marked shift away from the values of buffettes and cheerfuls, even though he actually disagrees.”
During a meeting with shareholders, the buffet expressed flexibility to diversify to other currencies if the US economy was to weaken more and said that “there could be […] Things happen in the US […] Make us own a lot of other currencies. “However, given the buffet’s continued criticism of Cryptocurrencies, however, Bitcoin seems unlikely to include Bitcoin.
Still, the order 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 during wrapping until the shareholder meeting so that he could “address questions and enjoy the commitment with shareholders without the order overhang.”
Sykes sees buffett’s continued presence on the board of directors as a stabilizing strength: “Shareholders must welcome this transparent transition, but also trust that Warren does not go anywhere.”
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