On the evening of May 3rd, Beijing time, the highly anticipated Berkshire Hathaway Annual Shareholders Meeting kicked off in Omaha, Nebraska, USA. This event, dubbed the "Spring Festival Gala of the investment world," attracted global investors' attention not only because 94-year-old Warren Buffett announced he would step down as CEO by the end of the year but also because he once again discussed Bitcoin, showcasing his subtle shift in attitude towards this digital asset. Over the years, Buffett has oscillated between publicly denouncing Bitcoin as "rat poison squared" and gradually acknowledging the existence of the underlying blockchain technology and digital finance, reflecting the clash between traditional value investing and emerging assets.

From "Rat Poison" to "Gambling Token": Buffett's Long-term Skepticism

Buffett's criticism of Bitcoin has a long history and is often sharp. As early as 2018, in an interview with CNBC, he referred to Bitcoin as "rat poison squared," arguing that it lacks intrinsic value and is merely a speculative tool. He stated at the time that cryptocurrencies "are almost certain to have a bad ending" and made it clear that he would neither hold nor short any cryptocurrencies, citing his ignorance of the field. In 2023, as Bitcoin prices soared to new highs, Buffett still dismissed it as a "gambling token," believing that investors are chasing the illusion of quick wealth rather than making rational investments based on value. This stance is highly consistent with his long-standing value investing philosophy: only invest in assets he understands and that have long-term growth potential.

At the Berkshire shareholders meeting in May 2025, Buffett continued this cautious attitude. According to on-site reports, when responding to shareholder questions, he stated that Bitcoin "will never become a lasting unit of value" and reiterated its speculative nature. However, compared to the past, his wording softened. He no longer outright denies the existence of digital assets but acknowledges that "some people hold other currencies."

Recognition of Blockchain Technology: Buffett's Divergent Attitude

Despite his skepticism towards Bitcoin, Buffett has long shown an openness to blockchain technology. In a 2019 interview with CNBC, he explicitly stated, "Blockchain is important," even while calling Bitcoin "a delusion." During a dinner in 2020 with Tron founder Justin Sun, Buffett further elaborated on this stance, pointing out that Bitcoin fails to capture the value of blockchain and is merely a tool for value transfer, "not much different from shells." He emphasized that blockchain, as a technology, has its importance, but Bitcoin as an investment target lacks appeal.

At the 2025 shareholders meeting, Buffett again mentioned blockchain, calling it "a potential technology that could change the financial system," but he still held a reserved attitude towards the investment value of cryptocurrencies. He stated that Berkshire would not invest funds in Bitcoin or similar assets because "they do not generate cash flow and lack a predictable business model." At the same time, he expressed interest in the potential applications of blockchain in the insurance business, stating that the head of the company's insurance business, Ajit Jain, is "watching" related opportunities and is prepared to act quickly when the time is right.

Adherence to Investment Philosophy Amid External Pressure

Buffett's investment philosophy has always revolved around long-term value and understandable business models, which is the core reason he avoids volatile assets like Bitcoin. He has admitted that he only began investing in Apple in 2016, highlighting his cautious attitude towards the tech sector. At the 2025 shareholders meeting, he humorously self-deprecated: "Tim Cook has made more money for Berkshire than I have, which is a bit embarrassing for me."

However, changes in the external environment are putting pressure on Buffett's stance. In early 2025, Bitcoin prices broke through $100,000, and its market dominance climbed to 71.3%, sparking a frenzy among institutional investors. The executive order on cryptocurrency regulation issued by the Trump administration provided clear guidance for the industry, further boosting market enthusiasm. Some X posts even speculated that after Buffett's retirement, successor Greg Abel might push Berkshire to embrace Bitcoin, altering the company's strategy towards digital assets.

Behind the Subtle Shift: Balancing Caution and Reality

At the 2025 shareholders meeting, although Buffett has not fundamentally changed his skepticism towards Bitcoin, the subtle adjustments in his attitude cannot be ignored. He has moved from outright denial to acknowledging the existence of digital currencies, from focusing on the importance of blockchain technology to hinting at possible future applications, showcasing the complex mindset of a 94-year-old investor when facing emerging assets. He stated at the meeting: "I won't regret missing out on Bitcoin because my investment decisions are based on areas I can understand."

Buffett's shift is not an acknowledgment of Bitcoin's investment value but rather a deeper understanding of the reality of the digital financial ecosystem. In his 2025 shareholder letter, he mentioned that Berkshire would continue to focus on the U.S. market but showed an openness to overseas investments in places like Japan, a logic that may also apply to the future applications of blockchain technology.

Conclusion: A Reflection of an Era

Warren Buffett's evolving attitude towards Bitcoin is a reflection of the collision between traditional value investing and the digital finance era. From "rat poison" to "gambling token," and then to acknowledging the existence of digital currencies, his words carry both a warning against speculative bubbles and a cautious recognition of technological potential. The 2025 Berkshire shareholders meeting not only marks the end of Buffett's career but also serves as another test of his investment philosophy in the new era. As he stated at the meeting: "The essence of investing is finding value you can understand and patiently waiting over time." Regardless of Bitcoin's future, Buffett's coolness and wisdom will continue to inspire global investors.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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