Warren Buffet refers to Bitcoin as "rat poison" at Berkshire Hathaway annual shareholder meeting

On May 5, 2018, during the Berkshire Hathaway annual shareholder meeting, Warren Buffett, the renowned investor and CEO of Berkshire Hathaway, made a stark remark about Bitcoin. He referred to Bitcoin as “probably rat poison squared,” a comment that quickly became one of the most quoted and controversial statements in the discourse surrounding Bitcoin.
 

Buffett’s analogy was a strong expression of his long-standing skepticism towards Bitcoin and cryptocurrencies in general. His view was that Bitcoin lacked the fundamental attributes of a currency and did not produce anything tangible, likening it to other speculative assets. Buffett’s right-hand man, Charlie Munger, the vice chairman of Berkshire Hathaway, also expressed his disapproval, describing trading in cryptocurrencies as “just dementia” during the same meeting.
 

The statement from Buffett came at a time when Bitcoin was experiencing volatility after its meteoric rise in late 2017. Despite the criticism from such a high-profile figure in the investment community, Bitcoin continued to gain traction and interest from both retail and institutional investors.
 

While some investors regard Buffett’s opinion with great respect due to his successful track record in traditional investments, others argue that his views on Bitcoin may be outdated, given the evolving nature of financial technology.