Warren Buffett, the billionaire investor known for his long-standing skepticism of gold as an investment, has made a dramatic pivot. His company, Berkshire Hathaway, revealed Friday that it had substantially reduced holdings in major banks such as Goldman Sachs (fully exited), JPMorgan Chase (reduced by 61%), and Wells Fargo, while taking a new stake in Barrick Gold, one of the world’s largest gold miners. The move sent gold mining stocks soaring and ignited speculation that Buffett might eventually extend his change of heart to bitcoin.
From Gold Skeptic to Gold Miner Shareholder
Buffett had repeatedly said he preferred buying shares of good companies over any gold investments, once calling gold a “non-productive asset.” But the Berkshire filings show a clear shift: with inflation concerns rising and gold prices spiking above $2,000 an ounce, the Oracle of Omaha decided to buy into the gold mining sector. Peter Schiff, a long-time gold advocate, cheered the news, 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.”
Bitcoin: From “Rat Poison Squared” to Potential Portfolio?
Buffett’s disdain for bitcoin has been even more vocal. In 2018, he called it “rat poison squared.” Earlier this year, Tron founder Justin Sun gifted Buffett a bitcoin stored in a Samsung Galaxy Fold phone during a lunch meeting, only for Buffett to donate it to charity, reiterating that he would never own bitcoin. However, the gold u-turn has prompted crypto community members to wonder if bitcoin could be next. Morgan Creek Digital co-founder Jason Williams tweeted succinctly: “Buffett sold banks and bought gold. He will buy bitcoin soon.”
Max Keiser’s $50K Panic-Buy Prediction
Television personality and bitcoin advocate Max Keiser went a step further, predicting that Buffett will panic-buy bitcoin when the price reaches $50,000 — the same level he believes will lure Peter Schiff and veteran investor Jim Rogers. Keiser retweeted his earlier statement to Cryptopotato: “Warren Buffett will start panic-buying bitcoin at $50,000, just like Peter Schiff.” Keiser sees Buffett’s gold purchase as a bullish signal for the broader crypto market, arguing that the world’s most famous value investor will eventually capitulate to the cryptocurrency’s momentum.
Skepticism Remains Strong
Not everyone is convinced. Many social media commenters believe Buffett is too stubborn or technologically illiterate to change his mind on bitcoin. One user wrote: “He doesn’t understand technology, but he’s old like gold, so that makes sense.” Another added: “His pride is far more valuable to him than any investment.” A minority speculated that Buffett might have secretly invested in bitcoin already. Meanwhile, the price of bitcoin remains well below the $50,000 mark, leaving the prediction as a bold, unverified call. Whether the Oracle of Omaha will ever own the cryptocurrency he once called “rat poison” remains one of the most debated questions in finance.