The world's most notorious Bitcoin hater has retired.

The Oracle of Omaha has written his final letter, but what he and Charlie Munger have left for the crypto world is a "negative timeline" spanning a decade.

Written by: Sanqing, Foresight News

On November 11, Warren Buffett released his final letter to shareholders, announcing that he would step down as CEO of Berkshire Hathaway at the end of the year and continue to accelerate the donation of his shares. This letter, beginning with "I'm going quiet," marks the curtain call of a legend who shaped investment philosophy with rationality, compound interest, and long-termism.

However, in the crypto world, this "Oracle of Omaha" and his long-time partner Charlie Munger have left behind a "negative timeline" that runs through the past decade. From "rat poison squared" to "crypto shit," they have almost epitomized traditional finance's most thorough resistance to the crypto narrative.

Buffett: Rational Disbelief

Shortly after bitcoin was born, Buffett was first asked about it in 2013. At the time, he simply stated, "I have no plans to move into bitcoin." A year later, at the shareholders' meeting, he called bitcoin a "mirage," reasoning that "it neither generates cash flow nor has intrinsic value."

In 2017, as bitcoin prices soared, he publicly criticized it again as a "bubble," comparing it to "tulip mania." The following year, his phrase "bitcoin is rat poison squared" became an iconic industry saying, making "rat poison" the most classic satirical label for bitcoin.

Buffett's logic has always been consistent: bitcoin is not a productive asset, cannot be valued, and cannot generate cash flow. He bluntly said, "Even if you offered me all the bitcoin in the world for $25, I wouldn't buy it."

This judgment comes from his consistent value investing creed. He believes returns come from corporate profits, not from games between speculators. For Buffett, bitcoin is neither a company nor an asset, but a bottomless price-passing game. Rationality leads him to stay away, not participate.

Munger: Emotional Aversion

Compared to Buffett's calm skepticism, Munger's attitude toward cryptocurrency is almost a moral rejection.

"Disgusting," "stupid," "evil," "poison," "venereal disease," "crypto shit"—these words all came from him. In 2018, he bluntly said, "The hotter bitcoin gets, the more I hate it."

At the 2022 Daily Journal annual meeting, he used a sarcastic tone: "Cryptocurrency is like a venereal disease, and I wish it would be immediately banned." At the shareholders' meeting that same year, he added, "I've spent my life avoiding three things: stupid, evil, and making me look bad, and bitcoin combines all three."

In Munger's view, cryptocurrency cloaks speculation in idealism and is a regression of financial civilization. He is not discussing asset attributes, but warning against a slide in values, where "wanting to get rich" replaces "wanting to create" as a social motive.

Berkshire's "Crypto Footnote"

Berkshire has never directly held any crypto assets on its balance sheet, but it is not without intersections with the crypto world. In 2021, Berkshire invested a total of $750 million in Brazil's digital bank Nu Holdings before and after its IPO. This is a fintech company focused on digital credit and financial inclusion, but since its listing, Nu has successively launched Nubank Cripto and bitcoin ETF services, becoming one of the most active retail crypto trading gateways in Latin America. In other words, Berkshire has indirectly bet on a bank doing crypto business.

It didn't invest in bitcoin itself, but in the financial infrastructure boosted by the crypto boom. However, this investment is also seen as Berkshire's "limited compromise." They didn't buy coins, but acknowledged the changing market; they don't believe in crypto, but can't deny it is creating new users, liquidity, and profit models. This is Berkshire's first taste of crypto, but the approach remains rational and the path conservative.

Rational Curtain Call, Debate Unending

Now, Munger has passed away, and Buffett is about to hand over the reins. An era that took cash flow and compound interest as its creed seems to be coming to an end, but the market will not stop with their departure.

The issuance of crypto asset ETFs is increasing, and sovereign funds and asset management giants are paying more attention to crypto asset allocation. Crypto assets and blockchain technology are also partially leading the innovation of Fintech 2.0. A new generation of investors plans to build their own "rationality" amid the volatility of digital assets.

Buffett and Munger do not believe in the algorithmic logic of this world, but their skepticism actually makes the story more complete. They represent the order of one era, while crypto represents the imagination of another.