Rennick didn’t stop there—he also labeled Bitcoin as a Ponzi scheme, claiming its price will reach $1 million solely because institutions like BlackRock will continue pumping money into a supply-limited asset. “What exactly does it produce?” Rennick asked, answering himself: “Absolutely nothing.”

Bitcoiners Fire Back: ‘You Can’t Eat the Internet Either’

Bitcoin advocates didn’t remain silent. Journalist Laura Shin responded, “You also can’t eat the internet, so do you oppose that too?” while Bitcoin Marathon’s Jimmy Kostro added, “This will age well,” highlighting how outdated and shortsighted Rennick’s comments seemed.

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The Australian Bitcoin Industry Body (ABIB) also issued a formal statement, calling the Senator’s remarks a “deep misunderstanding” of digital assets. “Misunderstanding leads to misrepresentation. And misrepresentation leads to bad policy,” the group warned.

Rennick, however, dismissed the criticism, stating, “It’s pathetic how the Bitcoin community needs reassurance from a politician—the very people they claim they want to be free from.”

Political Attacks on Bitcoin Becoming a Trend

This isn’t an isolated incident. Just weeks ago, Arizona Governor Katie Hobbs vetoed a bill that would have allowed the state to hold Bitcoin in its official reserves, triggering similar outcry. Prominent figures like Anthony Pompliano criticized the decision, asking, “Imagine the ignorance of a politician who thinks they can manage investments.”

As crypto adoption grows globally, so too does the friction between decentralized innovation and traditional political frameworks. And the Bitcoin community appears ready to push back every step of the way.

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“The time has come for Greg to become the Chief Executive Officer of the company at year-end. That will be my formal recommendation to the board,” Buffett said. He added that he would stay on in an advisory role, though “the final word would be Greg’s.”

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At present, Berkshire Hathaway holds roughly $348 billion in cash reserves, marking a significant financial position as the company prepares for new leadership.

Bitcoin Outpaces the Oracle of Omaha

Although Buffett is renowned for delivering returns nearly double the S&P 500 average throughout his career, Bitcoin (BTC) has massively outperformed Berkshire Hathaway in recent years.

Since 2020, BTC has gained more than 781%, while Berkshire stock returned only about 150%. Despite having shares priced over $809,000 and a market cap exceeding $1 trillion, Berkshire has trailed the crypto giant in percentage gains.

Buffett and his longtime business partner Charlie Munger have criticized Bitcoin heavily, claiming it has no intrinsic value and calling it “a scam.” They’ve repeatedly said it doesn’t even qualify as a real investment. Yet, the data shows crypto is steadily drawing investor attention away from traditional stocks.

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The post Warren Buffett to Hand Over Berkshire Hathaway to Greg Abel appeared first on Coin Engineer.