Billionaire investor Warren Buffett has long been skeptical of gold as an investment, repeatedly stating a preference for shares of good companies over any gold holdings. That has now changed. Berkshire Hathaway revealed Friday that it dumped bank stocks and took a position in Barrick Gold Corporation, one of the world's largest gold mining firms. The move sent Barrick shares soaring Monday along with those of its competitors, as gold prices recently spiked above $2,000 per ounce.
Buffett's Shift on Gold
Berkshire completely exited its stake in Goldman Sachs, reduced its position in JPMorgan Chase by 61%, and sold holdings in Wells Fargo and PNC. Instead, the company bought a significant stake in Barrick Gold. Gold bug Peter Schiff was upbeat about “Buffett finally buying a gold stock,” tweeting: “Warren Buffett knows inflation is a tax. If you don’t want to pay the tax, buy gold or gold stocks, just like Buffett did.” The move is widely seen as a hedge against inflation and currency debasement.
Could Bitcoin Be Next?
Buffett has been equally critical of Bitcoin. In 2018, he called it “rat poison squared.” In February, Tron founder Justin Sun gifted Buffett his first Bitcoin stored in a Samsung Galaxy Fold phone, but the Berkshire CEO donated it to charity, emphasizing he would never own Bitcoin. Now, his changed stance on gold has crypto enthusiasts wondering if he might do the same with Bitcoin. Jason Williams, co-founder of Morgan Creek Digital, tweeted: “Buffett sold banks and bought gold. He will buy Bitcoin soon.”
However, skepticism remains high on social media. One Twitter user commented, “He doesn’t understand technology but he’s old like gold so that makes sense.” Another suggested, “He is too stubborn to buy Bitcoin. His pride is far more valuable to him.” A few even speculated that Buffett has already secretly invested in Bitcoin.
Max Keiser's Bold Prediction
Television personality and Bitcoin proponent Max Keiser sees Buffett’s gold investment as bullish for Bitcoin. In a quote originally given to Cryptopotato, Keiser predicted: “Warren Buffett will start panic-buying bitcoin at $50,000, just like Peter Schiff.” Keiser believes that at $50,000, Schiff and veteran investor Jim Rogers will also FOMO into Bitcoin. He argues that as inflation accelerates and central banks print money, even the most stubborn traditional investors will turn to scarce digital assets like Bitcoin.
While Buffett’s next move remains uncertain, the shift toward gold has provided a fresh narrative for Bitcoin supporters. With global money printing continuing, cryptocurrency’s appeal as a store of value is gaining mainstream attention. Do you think Warren Buffett will eventually change his mind on Bitcoin? Let us know in the comments.