Warren Buffett, the billionaire investor who helped shape Berkshire Hathaway in a world investment power, renounces as CEO at the end of the year, but his disgust for Bitcoin (BTC) will probably live in the company.
Buffett, who will continue to be president of the Board, has described Bitcoin as “Rat Veneno Squared” and a “game card”, indicating a strong ideological opposition to digital assets. His legacy on this subject throws a long shadow on his successor, Greg Abel, who now takes the reins of daily leadership.
For investors waiting for a change in the cryptographic position of Berkshire, the probabilities seem scarce.
“I would be surprised a lot if there is a significant change in Berkshire’s attitude towards Bitcoin,” said Meyer Shields, KBW’s managing director. “According to merits, I think there is a big difference between Buffett/Muger’s attitude towards technological actions (which they admitted not to understand) and their opposition expressed to cryptocurrency.”
Currently, the president and CEO of Berkshire Hathaway Energy and vice president of the operations of not assure Berkshire, it is unlikely that the incoming CEO Abel performs sudden movements that could indicate a break of the long -standing dating views of buffet and recently deceased Charlie Muger, Shields added. “I hope Greg Abel initially avoids doing anything that may seem like a marked change of buffet and Mungger’s values, even if he really disagrees.”
During a meeting with the shareholders, Buffet expressed flexibility to diversify in other currencies if the US economy weakened more, saying that “there could be […] Things happen in the United States that […] Make us want to have many other coins. “However, given the continuous criticism of cryptocurrency buffet, Bitcoin seems unlikely.
Even so, the succession was handled with a characteristic style. “Another brilliant example of handling an important situation for Berkshire,” said Macrae Sykes, Gamco Investors portfolio manager. He praised Buffett’s decision to keep the news secret to the meeting of the shareholders, which allowed him to “address the questions and enjoy commitment to shareholders without the cantilever of succession.”
Sykes sees Buffett’s continuous presence on the board as a stabilizing force: “Shareholders must welcome this transparent transition, but they also have the confidence that Warren is not going anywhere.”
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