- Bitwise urges Bitcoin as Buffett warns the U.S. dollar may lose long-term investor trust
- Berkshire’s Buffett remains critical of Bitcoin despite dollar stability concerns
- Fusaro links Buffett’s dollar remarks to growing demand for alternative assets like BTC
Bitwise Asset Management President Teddy Fusaro has encouraged investors to acquire Bitcoin, pointing to a recent warning about the U.S. dollar’s future from none other than Berkshire Hathaway CEO Warren Buffett.
Fusaro connected the advice to comments Buffett made during Berkshire’s latest shareholder meeting.
Buffett’s Warning on the U.S. Dollar
At the meeting, Buffett suggested that trends within the United States might push investors toward owning alternative currencies down the line. He also spoke out against protectionism, arguing that trade shouldn’t be used as a weapon.
Investors worldwide listen closely to Buffett due to his decades of success and resilience in the market. Now 94, the legendary investor plans to step down as Berkshire Hathaway CEO by the end of 2025.
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Buffett’s Berkshire Legacy
As backdrop, Buffett became Berkshire Hathaway’s CEO in 1970, about 55 years ago, when the company struggled while focusing on textile manufacturing. Over the decades, Buffett led a turnaround in fortunes, making it a global conglomerate that controls significant shares of A-list companies like Apple, Coca-Cola, and American Express.
His current net worth sits around $169 billion. Greg Abel is set to succeed him after his retirement. This track record gives his market warnings weight, even if they seem to contrast with his other long-held views, particularly on crypto.
The Oracle’s Famous Bitcoin Skepticism
Interestingly, while Buffett’s comments raise questions about the dollar’s long-term standing, he remains famously critical of Bitcoin. The respected investor hasn’t minced words about the leading cryptocurrency over the years.
Related: New Hampshire Eyes Bitcoin Investment for State Funds; Bill Advances, Market Watchers React
Back in 2018, Buffett lambasted Bitcoin and called it “rat poison squared.” And then in 2023, the well-respected businessman took another swipe at the flagship crypto describing it as “a gambling token” without any intrinsic value.
However, like many Bitcoin critics, Buffett considers blockchain, the technology underpinning the original cryptocurrency, ingenious.
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