“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.

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The 99-year-old investor, described the impact created by cryptocurrencies in the financial world as a “bad-smelling ball“. Munger stated that artificial currencies, by disrupting the traditional financial system, undermined reliability and “worsened the content“.

In his previous statements, Munger opposed Bitcoin and other cryptocurrencies, stating that such digital assets should be banned completely. Moreover, he emphasized that he sees cryptocurrencies as gambling.

Charlie Munger criticisms of Bitcoin and cryptocurrencies are an example of the attitudes of important figures in the financial world towards digital assets.

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The post Charlie Munger: Bitcoin Disrupts the Financial System! appeared first on Coin Engineer.