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.'
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
This Texas metro saw least amount of inflation: analysis
(NEXSTAR) — Though inflation growth slowed (minimally) over the past month, consumer prices rose 2.4% in May vs. this time last year. But not everywhere in the U.S. is feeling the burn quite as much some others. Recently, financial news and resources outlet WalletHub compared 23 major U.S. metropolitan areas to find out how inflation is hitting differently, depending where you live. And one Texas city was found to have the smallest increase in inflation of all cities measured. Austin Mayor: Texas National Guard may be deployed for ICE protests To figure out the ranking, WalletHub compared these metropolitan statistical areas (MSAs) across two metrics related to the Consumer Price Index (CPI). WalletHub's Adam McCann used this inflation data to determine growth compared to two months ago and to one year ago. All-in-all, inflation grew the least in the Dallas-Fort Worth-Arlington area over these time periods, WalletHub says. The north Texas MSA had an inflation score of only 4.29 out of 100 (with 100 being the worst inflation problems). For comparison, the MSA with the highest levels of inflation growth, Boston-Cambridge-Newton, MA-NH, had an inflation score of 84.03. Here are the inflation rates for the two Texas metros WalletHub analyzed. Rank Metro Inflation score % change over past 2 months % change over past year 13. Houston-The Woodlands-Sugar Land 49.22 0.90% 1.20% 23. Dallas-Fort Worth-Arlington 4.29 0.10% 0.60% WalletHub found that the Houston-The Woodlands-Sugar Land area saw the fourth-most inflationary growth over the past two months. The Houston-area metro tied for highest consumer price growth along with Baltimore, Maryland, and Anchorage, Alaska. Can you still make money with Bitcoin? Comparatively, Dallas ranked (tied) 22nd for lowest consumer price growth over the past two months and 22nd (second to last) for lowest consumer price changes over the past year. May's CPI for the Dallas-Fort Worth-Arlington metro found that prices for items outside of food and energy decreased during the two-month period, including for household items and rent. Prices on food at home rose 0.8% and prices for food away from home rose 0.4% over the past two months. To read WalletHub's full Changes in Inflation by City analysis, visit WalletHub. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
3 hours ago
- Miami Herald
Stablecoin regulation bill easily moves toward full Senate vote
June 11 (UPI) -- The U.S. Senate overwhelmingly advanced legislation for a regulatory method for payment with stablecoins. The cloture, which ended debate, was approved 68-30, including 18 Democrats. It clears the way for final approval for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS. Two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, voted no. A stablecoin, which supporters say is a type of cryptocurrency designed to maintain a stable value, is typically pegged to another asset such as a currency such as a U.S. dollar or a commodity, including gold. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation. For passage in the Senate, there needs to be at least 60 votes. On Tuesday, two House committees easily approved a bill that establishes a regulatory framework for digital assets, not just stablecoin, called the CLARITY Act. "We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that," said Senate Majority Leader John Thune of South Dakota, adding there was "more work to be done" for Congress in regard to digital assets, referring to the House's bill. The bill would require stablecoins to be fully backed by U.S. dollars or similar liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization and add language around foreign issuance. The cloture ended an open amendments process. Democrats had sought to add a provision that would prevent President Donald Trump and other elected officials from profiting off stablecoins. "Let me be clear, this did not happen by accident," Senate Banking Committee Chair Tim Scott, R-S.C., said on the Senate floor before the vote. "It happened because we led. To those who said Washington could not act, to those who said Washington could not act, to those who doubted bipartisanship -- let's prove them wrong." Senate Minority Leader Chuck Schumer of New York voted against the bill along with other prominent Democrats. "The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin," Sen. Jeff Merkley, D-Ore., said on the Senate floor before his no vote. "Well, we need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit," he added. "Where are those guardrails in this bill? They're completely, totally absent." Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump's deepening ties to crypto ventures. Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20. His affiliated venture, World Liberty Financial, recently launched its stablecoin. Trump Media is planning to build a multi-billion dollar Bitcoin treasury. And American Bitcoin,a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger. "It's extremely unhelpful that we have a president who's involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation," Sen. Kirsten Gillibrand, D-N.Y., who approved the measure, said. "It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital." Massachusetts Sen. Elizabeth Warren, who voted against cloture, said: "Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion." Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
3 hours ago
- UPI
Stablecoin regulation bill easily moves toward full Senate vote
June 11 (UPI) -- The U.S. Senate overwhelmingly advanced legislation for a regulatory method for payment with stablecoins. The cloture, which ended debate, was approved 68-30, including 18 Democrats. It clears the way for final approval for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS. Two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, voted no. A stablecoin, which supporters say is a type of cryptocurrency designed to maintain a stable value, is typically pegged to another asset such as a currency such as a U.S. dollar or a commodity, including gold. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation. For passage in the Senate, there needs to be at least 60 votes. On Tuesday, two House committees easily approved a bill that establishes a regulatory framework for digital assets, not just stablecoin, called the CLARITY Act. "We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that," said Senate Majority Leader John Thune of South Dakota, adding there was "more work to be done" for Congress in regard to digital assets, referring to the House's bill. The bill would require stablecoins to be fully backed by U.S. dollars or similar liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization and add language around foreign issuance. The cloture ended an open amendments process. Democrats had sought to add a provision that would prevent President Donald Trump and other elected officials from profiting off stablecoins. "Let me be clear, this did not happen by accident," Senate Banking Committee Chair Tim Scott, R-S.C., said on the Senate floor before the vote. "It happened because we led. To those who said Washington could not act, to those who said Washington could not act, to those who doubted bipartisanship -- let's prove them wrong." Senate Minority Leader Chuck Schumer of New York voted against the bill along with other prominent Democrats. "The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin," Sen. Jeff Merkley, D-Ore., said on the Senate floor before his no vote. "Well, we need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit," he added. "Where are those guardrails in this bill? They're completely, totally absent." Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump's deepening ties to crypto ventures. Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20. His affiliated venture, World Liberty Financial, recently launched its stablecoin. Trump Media is planning to build a multi-billion dollar Bitcoin treasury. And American Bitcoin,a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger. "It's extremely unhelpful that we have a president who's involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation," Sen. Kirsten Gillibrand, D-N.Y., who approved the measure, said. "It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital." Massachusetts Sen. Elizabeth Warren, who voted against cloture, said: "Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion."
