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Will Berkshire Hathaway get closer to Bitcoin after the resignation of BTC opponent Warren Buffet? Here are expert opinions.
Legendary investor Warren Buffett is officially resigning from the CEO position of Berkshire Hathaway at the end of this year, bringing to a close a legendary leadership era that transformed the firm into a global investment giant.
While Buffett remains chairman of the board, his extremely skeptical stance on Bitcoin and digital assets seems likely to continue under the new leadership.
Warren Buffett's successor, Greg Abel, who is currently the vice president of Berkshire's non-insurance operations and the CEO of Berkshire Hathaway Energy, is preparing to take the reins. However, analysts say that any hope for a change of heart regarding cryptocurrencies at Berkshire is likely misplaced.
Keefe, Bruyette & Woods (KBW) CEO Meyer Shields said, "I would be very surprised if there is a significant change in Berkshire's stance on Bitcoin," and added: "There is a big difference between Buffett and Munger's cautious stance on technology stocks and their outright opposition to cryptocurrencies."
Buffett has long criticized Bitcoin, describing it as a "rat poison cocktail" and a "gambling token"; these views have also been echoed by his late partner Charlie Munger. With such strong ideological opposition forming a part of Berkshire's core culture, observers expect Abel to refrain from making dramatic changes at least initially.
Shields added, "I expect Greg Abel to avoid doing anything that could appear to be significantly distancing himself from Buffett and Munger's values, even if he doesn't actually agree with them."
At the last shareholders meeting, Buffett hinted at being open to diversifying stocks in the face of a possible economic weakness in the US, stating, "There may be things in the US that will push us to hold many other currencies." However, given Buffett's well-documented disdain, it is unlikely that these statements include digital currencies like Bitcoin.