I just came across an interesting market news story. Warren Buffett is set to step down as CEO of Berkshire Hathaway at the end of the year, with Greg Abel taking over, but Buffett himself will continue to serve as Chairman. This personnel change seems ordinary, but it involves a long-term issue in the cryptocurrency market.

I’ve noticed that Buffett’s attitude toward Bitcoin and cryptocurrencies has always been famously tough. From 2018, when he compared Bitcoin to “rat poison,” “worthless,” and “a real bubble,” to later speaking plainly at a shareholder meeting that “Bitcoin is like gambling equipment,” and then in 2020 publicly stating, “Cryptocurrencies are worthless—I have never and will never hold them,” it’s clear how much this investment master dislikes cryptocurrencies. His late partner Charlie Munger also held the same view.

The problem now is that although Greg Abel will be in charge of Berkshire’s day-to-day operations, it’s no easy feat to change the legacy of thinking left behind by Buffett and Munger. Meyer Shields, Managing Director of investment bank KBW, directly said that if Berkshire were to make a major shift in its stance on Bitcoin, he would be very surprised. He added that although Buffett and Munger admit they don’t understand technology stocks, their hostility toward cryptocurrencies isn’t a knowledge problem—it’s a clash at the level of value beliefs.

In other words, even if Greg Abel personally has different views on cryptocurrencies, it’s unlikely he would take any actions in the short term that appear to diverge from Buffett’s values. This isn’t just a leadership handover—it also reflects how deeply rooted Berkshire’s corporate culture is.

Interestingly, Buffett once mentioned at a shareholder meeting that if the U.S. economy were to undergo certain changes, he wouldn’t rule out diversifying assets and shifting to other currencies. But given his long-standing harsh criticism of cryptocurrencies, it’s obvious that Bitcoin would not have a place on that “asset diversification list.”

However, from another perspective, this succession arrangement itself shows Buffett’s seasoned judgment. Macrae Sykes, portfolio manager at investment firm GAMCO, praised it as an outstanding example of how Berkshire handles major situations. Buffett kept the succession news confidential until the shareholder meeting, so he could respond to questions freely without being distracted by the topic of his successor. And he continues to sit on the board, which sends a stable signal to shareholders and the market alike.

Overall, for cryptocurrency investors, expecting Berkshire to soften its stance on Bitcoin is probably just wishful thinking. Instead, this smooth transition of leadership may mean that the “anti-coin” mindset of this investment giant will continue to dominate its decision-making logic.