The 95-year-old investment legend finally puts down his pen. This November, Buffett announced he would stop writing his annual shareholder letters and would no longer appear at the Berkshire Hathaway annual meeting. This old-school financier, who once called Bitcoin "rat poison," has officially retreated to the background.

Coincidentally, at the same time he announced his retirement, the crypto market heated up. Whales are making frequent moves, institutional funds are pouring in continuously, Ethereum’s long positions account for over 70%, and major players have already invested over $2 billion. Two worlds, two different scenes.

Buffett’s view on digital assets has never been ambiguous. He straightforwardly said that cryptocurrencies will ultimately "be a disaster," for a clear reason: these things do not produce anything, do not generate cash flow, and lack measurable intrinsic value. According to his traditional value investing logic, crypto assets are fundamentally untenable.

But the numbers speak for themselves. From 2015 to now, Bitcoin’s cumulative increase is about 319%. Looking at Berkshire Hathaway, the average annual return over the past decade is around 13%. Steady, yes, but when you put these comparisons side by side, how do you interpret them?

This isn’t to say that Old Man Buffett’s judgment is wrong, but that two systems are inherently incompatible. On one side is the traditional financial valuation framework, and on the other is the entirely new crypto asset valuation system. He uses stock valuation metrics to measure digital assets, naturally finding them unappealing. But markets are markets; participants vote with their feet and speak with their money.

As the gatekeepers of traditional finance gradually step back from the stage, the crypto market begins to show its own rhythm. What does this really mean? Perhaps it’s not about right or wrong, but a sign of the transition between a new and old era.