沃倫·巴菲特（Warren Buffett

現年94歲的“奧馬哈甲骨文”確認副主席格雷格·阿貝爾（Greg Abel）將擔任最佳工作之後

Despite stepping down as chief executive of Berkshire Hathaway (NYSE:) after 83 years with the firm, and 70 years investing in public markets, legendary investor Warren Buffett had one final paradox to share with shareholders at the annual meeting on Saturday.

儘管在公司工作了83年，在公共市場上投資了70年後，辭去了伯克希爾·哈撒韋（NYSE :)的首席執行官（紐約證券交易所:)，傳奇的投資者沃倫·巴菲特（Warren Buffett）在周六的年度會議上有一個最後的悖論與股東分享。

After eight decades of transforming a floundering textile mill into a $1.16 trillion conglomerate, the 94-year-old “Oracle of Omaha” is handing over the reins to vice-chairman Greg Abel when 2025 draws to a close.

經過八十年將一家掙扎的紡織廠變成了一個11.6萬億美元的企業集團之後，這位94歲的“奧馬哈甲骨文”（Oracle Oracle Of Omaha）將re繩交給了副主席格雷格·阿貝爾（Greg Abel），當時2025年接近。

But moments after confirming that macroeconomic cycles and the role of government money will remain closely linked in his retirement, the world’s most celebrated value investor delivered a sweeping warning about the long-term corrosion of government money—an argument that, stripped of its author’s intent, reads like a précis of the Bitcoin thesis.

但是，在確認宏觀經濟周期和政府資金的作用之後，他的退休後將保持緊密聯繫，世界上最著名的價值投資者發出了有關政府資金的長期腐蝕的廣泛警告，這是一個剝奪了作者的意圖，像比特幣論文的précis一樣。

From the stage in Omaha’s CHI Health Center, Buffett said that the greatest threat to capital is not a bear market or a recession but “the tendency of a government to want to debase its currency over time.”

巴菲特從奧馬哈志衛生中心的舞台上說，對資本的最大威脅不是熊市或經濟衰退，而是“政府希望隨著時間的推移貶低其貨幣的趨勢”。

“If you’ve got people that control the currency, you can issue a paper money and you will,” he said, adding that “the natural course of government is to make the currency worth less over time, and that’s got important consequences.” He concluded that “we wouldn’t want to be owning anything that we thought was in a currency that was really going to hell.”

他說：“如果您有控制貨幣的人，您可以發放紙質錢，您會的。”他補充說：“政府的自然過程是隨著時間的流逝，貨幣的價值降低，這是重要的後果。”他得出的結論是：“我們不想擁有我們認為以一種真正將要下地獄的貨幣的任何東西。”

Those sentences, delivered without reference to Bitcoin, nevertheless ricocheted through crypto X within seconds. Pseudonymous BTC commentator Carl Menger interpreted them as an inadvertent endorsement of a non-sovereign alternative, writing that Buffett “suggests it might be wise ‘to own a lot of other currencies’ besides the US Dollar. Almost like a decentralized, non-sovereign currency could fix this.”

這些句子在沒有提及比特幣的情況下交付，但是在幾秒鐘內通過加密X進行了ricchet。偽BTC評論員卡爾·曼格（Carl Menger）將其解釋為對非主持人替代方案的無意認可，他寫道，巴菲特“暗示除了美元以外，擁有許多其他貨幣可能是明智的。

Menger then quipped that the nonagenarian “still can’t grasp the value of Bitcoin and rather stacks other fiat Shitcoins.”

然後，Menger打趣說，非代理人“仍然無法掌握比特幣的價值，而不是堆疊其他菲亞特狗屎。”

MicroStrategy (NASDAQ:) executive chairman Michael Saylor—who in 2023 said, “Bitcoin is the answer to the question that mystifies Warren Buffett” —renewed the critique on Saturday, branding Berkshire “20th Century Bitcoin.” The contrast is stark: while Berkshire’s cash pile has swollen to $347.7 billion at the end of Q1 2025, up from $334.2 billion three months earlier, Saylor has been converting every spare corporate dollar into BTC.

MicroStrategy（納斯達克:)執行董事長邁克爾·塞勒（Michael Saylor）在2023年說：“比特幣是對沃倫·巴菲特（Warren Buffett）神秘的問題的答案。”對比是鮮明的：雖然伯克希爾的現金堆已在2025年第1季度末膨脹到3477億美元，高於三個月前的3,342億美元，但Saylor一直在將每筆備用的公司美元轉換為BTC。

Buffett’s decision to sit on a record hoard signals that, in his view, equity valuations remain unappetizing; for Bitcoin advocates, it is further proof that fiat liquidity is best redeployed into hard digital assets rather than idling in Treasuries and T-bills.

巴菲特決定坐在唱片ho積信號上，他認為股權估值仍然沒有興趣；對於比特幣倡導者，進一步證明了法定流動性最好被重新部署為硬數字資產，而不是在國庫和T-Bills中閒置。

Yet “the catch” is that Buffett’s philosophical alignment with monetary debasement hawks does not alter his personal verdict on Bitcoin. He still regards the asset with unalloyed contempt. In 2018 he famously called it “probably rat poison squared.”

然而，“收穫”是巴菲特與金錢貶低的哲學一致並沒有改變他對比特幣的個人判決。他仍然以非合同的蔑視為該資產。在2018年，他著名地稱其為“可能的老鼠毒藥”。

In 2020 he told CNBC that cryptocurrencies have “no value and they don’t produce anything,” and at the 2022 shareholder meeting he declared he would not buy the entire Bitcoin supply for $25 because “it isn't going to do anything.” Saturday’s stagecraft did nothing to soften those views; the man who transformed a floundering textile mill into a $1.16 trillion conglomerate remains committed to productive enterprises over digitally scarce commodities.

在2020年，他告訴CNBC，加密貨幣“沒有價值，不會產生任何價值”，在2022年的股東會議上，他宣布他不會以25美元的價格購買整個比特幣供應，因為“它不會做任何事情”。週六的舞台沒有任何事情來減輕這些觀點。將一家陷入困境的紡織廠變成11.6萬億美元的企業集團的人仍然致力於生產企業，而不是數字稀缺的商品。

At press time, BTC traded at $94,629.

發稿時，BTC的交易價格為94,629美元。