沃伦·巴菲特（Warren Buffett

现年94岁的“奥马哈甲骨文”确认副主席格雷格·阿贝尔（Greg Abel）将担任最佳工作之后

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.

尽管在公司工作了83年，在公共市场上投资了70年后，辞去了伯克希尔·哈撒韦（NYSE :)的首席执行官（纽约证券交易所:)，传奇的投资者沃伦·巴菲特（Warren Buffett）在周六的年度会议上有一个最后的悖论与股东分享。

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.

经过八十年将一家挣扎的纺织厂变成了一个11.6万亿美元的企业集团之后，这位94岁的“奥马哈甲骨文”（Oracle Oracle Of Omaha）将re绳交给了副主席格雷格·阿贝尔（Greg Abel），当时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，在确认宏观经济周期和政府资金的作用之后，他的退休后将保持紧密联系，世界上最著名的价值投资者发出了有关政府资金的长期腐蚀的广泛警告，这是一个剥夺了作者的意图，像比特币论文的précis一样。

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.”

巴菲特从奥马哈志卫生中心的舞台上说，对资本的最大威胁不是熊市或经济衰退，而是“政府希望随着时间的推移贬低其货币的趋势”。

“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.”

他说：“如果您有控制货币的人，您可以发放纸质钱，您会的。”他补充说：“政府的自然过程是随着时间的流逝，货币的价值降低，这是重要的后果。”他得出的结论是：“我们不想拥有我们认为以一种真正将要下地狱的货币的任何东西。”

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.”

这些句子在没有提及比特币的情况下交付，但是在几秒钟内通过加密X进行了ricchet。伪BTC评论员卡尔·曼格（Carl Menger）将其解释为对非主持人替代方案的无意认可，他写道，巴菲特“暗示除了美元以外，拥有许多其他货币可能是明智的。

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

然后，Menger打趣说，非代理人“仍然无法掌握比特币的价值，而不是堆叠其他菲亚特狗屎。”

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（纳斯达克:)执行董事长迈克尔·塞勒（Michael Saylor）在2023年说：“比特币是对沃伦·巴菲特（Warren Buffett）神秘的问题的答案。”对比是鲜明的：虽然伯克希尔的现金堆已在2025年第1季度末膨胀到3477亿美元，高于三个月前的3,342亿美元，但Saylor一直在将每笔备用的公司美元转换为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.

巴菲特决定坐在唱片ho积信号上，他认为股权估值仍然没有兴趣；对于比特币倡导者，进一步证明了法定流动性最好被重新部署为硬数字资产，而不是在国库和T-Bills中闲置。

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，“收获”是巴菲特与金钱贬低的哲学一致并没有改变他对比特币的个人判决。他仍然以非合同的蔑视为该资产。在2018年，他著名地称其为“可能的老鼠毒药”。

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，他告诉CNBC，加密货币“没有价值，不会产生任何价值”，在2022年的股东会议上，他宣布他不会以25美元的价格购买整个比特币供应，因为“它不会做任何事情”。周六的舞台没有任何事情来减轻这些观点。将一家陷入困境的纺织厂变成11.6万亿美元的企业集团的人仍然致力于生产企业，而不是数字稀缺的商品。

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

发稿时，BTC的交易价格为94,629美元。