Warren Buffett, the legendary investor who once called Bitcoin “rat poison squared,” has made a surprising move that is fueling speculation about a potential shift in his stance on cryptocurrencies. His company Berkshire Hathaway revealed in a recent regulatory filing that it had exited positions in major banks including Goldman Sachs, JPMorgan Chase, Wells Fargo and PNC, and instead bought a stake in Barrick Gold, one of the world's largest gold mining companies. The move sent gold miners’ shares soaring and reignited the debate: if Buffett can change his mind on gold, could Bitcoin be next?
From Gold Skeptic to Gold Miner Buyer
Buffett has long been a vocal critic of gold as an investment, famously stating that it “has no utility” and that he prefers productive assets like businesses. Yet in the second quarter of 2020, Berkshire purchased approximately $560 million worth of Barrick Gold shares. This came as gold prices surged past $2,000 per ounce for the first time in history. The investment also involved dumping bank stocks: Berkshire completely closed its Goldman Sachs position, reduced its JPMorgan stake by 61%, and sold holdings in Wells Fargo and PNC.
Buffett’s disdain for Bitcoin is well documented. In 2018 he called it “rat poison squared.” In February 2020, Tron founder Justin Sun gifted Buffett a Samsung Galaxy Fold phone containing one Bitcoin during a charity lunch. Buffett promptly donated the phone to charity and reiterated that he would never own Bitcoin. Despite that, some crypto enthusiasts now argue that his gold miner purchase signals a potential change in attitude toward scarce assets — and by extension, Bitcoin.
Max Keiser: Buffett Will Panic-Buy at $50K
Max Keiser, a well-known Bitcoin advocate and television personality, made a bold prediction on Twitter, quoting a prior interview with Cryptopotato: “Warren Buffett will start panic-buying bitcoin at $50,000, just like Peter Schiff.” Keiser believes that Buffett’s move into gold validates the inflation-hedge thesis, and that Bitcoin — often dubbed “digital gold” — will eventually attract the same crowd. He sees $50,000 as the price level that will trigger a wave of FOMO (fear of missing out) among traditional investors like Buffett, Peter Schiff, and Jim Rogers.
Morgan Creek Digital co-founder Jason Williams also tweeted: “Buffett sold banks and bought gold. He will buy bitcoin soon.” However, reaction on social media was mixed. Many dismissed the idea, with comments such as “He doesn’t understand technology but he’s old like gold so that makes sense,” and “His pride is far more valuable to him.” A few conspiracy-minded users suggested Buffett might already be secretly invested in Bitcoin.
Gold as an Inflation Hedge: Implications for Bitcoin
Gold bugs like Peter Schiff celebrated Buffett’s gold stock purchase. Schiff tweeted: “Warren Buffett finally buying a gold stock… He knows inflation is a tax. If you don’t want to pay the tax, buy gold or gold stocks, just like Buffett did.” This logic aligns with Bitcoin’s primary use case as a non-sovereign store of value. Both assets are seen as hedges against the massive money printing by central banks in response to the COVID-19 pandemic.
Yet important differences remain. Buffett’s investment philosophy centers on assets that generate cash flow or have intrinsic productive value. Bitcoin generates no cash flow and its value is derived purely from supply and demand dynamics. Still, the fact that the “Oracle of Omaha” has embraced gold — an asset class he long dismissed — suggests that even the most stubborn investors can evolve. Whether that evolution extends to Bitcoin remains to be seen, but the conversation itself is a powerful indicator of how far cryptocurrency has penetrated mainstream financial discourse.