I just reviewed Warren Buffett's final letter to Berkshire Hathaway shareholders, and honestly, it remains consistent with what he has said for years about cryptocurrencies. The man is 95 years old and isn't about to change his mind at this point.

What’s interesting is that Buffett reiterates that Bitcoin is pure speculation without real cash flow. His typical phrase was that he wouldn’t buy all the Bitcoin in the world for even $25. Of course, it’s his provocative style, but there’s a logic behind it: for him, an investment must generate concrete corporate profits, not depend on the next buyer paying a higher price.

What many forget is that Berkshire Hathaway already has indirect exposure to the crypto sector through its investment in Nu Holdings of Brazil. So it’s not that he completely rejects the space, but he doesn’t believe in Bitcoin specifically as an investment asset.

This letter marks the end of more than 60 years leading Berkshire, so it’s basically his investment testament. And the truth is, Warren Buffett remains committed to his philosophy: cash flow, solid businesses, real profits. Cryptocurrencies simply don’t fit into that model, at least not for him.

His partner Charlie Munger shared exactly the same view, so this is nothing new. The question is whether the market continues to ignore these criticisms or if eventually some of these arguments carry more weight. For now, it seems each one plays in its own world.