Crypto enthusiasts took note of an amusing incident involving Berkshire Hathaway CEO Warren Buffett on Monday when the billionaire investor’s company appeared to plummet 99% in value.
The trouble began at 9:49 am ET, as Berkshire’s class A shares (BRK.A) seemingly dropped from $621,000 to a mere $185 per share, leading to the temporary suspension of trading on the New York Stock Exchange (NYSE) for the asset.
However, the drastic decline was actually the result of an unexplained technical glitch at the NYSE that affected several other major companies, such as the Bank of Montreal (BMO). After a few hours, the issue was resolved, trading resumed, and BRK.A even ended the day up by 0.59%.
Nonetheless, the sight of such a significant red candle was not flattering for Buffett, especially given his outspoken criticisms of Bitcoin and other cryptocurrencies for being too speculative and volatile.
The incident prompted reactions from the crypto community, with Blockstream CEO Adam Back sarcastically asking, “Who’s the rat poison now, eh?” This was in reference to Buffett’s previous branding of Bitcoin as “rat poison squared” in May 2018. Interestingly, since then, BRK.A has seen a 114% increase, while Bitcoin has surged by approximately 600%.
Even Charlie Munger, Buffett’s late vice-chairman, joined in the chorus of crypto skeptics, labeling Bitcoin as a “stupid” and “evil” investment that was likely to plummet to zero.
Despite the momentary scare and subsequent recovery of Berkshire’s stock, many found humor in the situation, with investors like Justin Sun joking about having a chance to “acquire Warren Buffett” amid the chaos.
Furthermore, comparisons were drawn between the resilience of Bitcoin trading, which continues round the clock without interruptions, unlike BRK.A on the NYSE. Notable figures such as Edward Snowden pointed out how Bitcoin’s decentralized nature ensures trading continuity, contrasting it with the occasional halts and glitches on centralized exchanges.
While Buffett remained silent about the sudden crash at Berkshire, meme accounts and internet personalities had a field day imagining his possible reactions, adding to the amusement surrounding the incident.
In the volatile world of finance and investments, such episodes serve as reminders of the unpredictable nature of markets and the resilience of certain assets like Bitcoin. As the crypto industry continues to evolve, these moments of disruption highlight the contrasting characteristics of traditional financial systems and decentralized digital currencies.
