Berkshire Hathaway buys stake in crypto financial institution regardless of the ‘Oracle of Omaha’s’ earlier criticism of bitcoin
4 years after calling Bitcoin “rat poison squared” and warning traders in opposition to it, Warren Buffett’s Berkshire Hathaway has bought $1 billion in shares of a digital financial institution named NuBank, a Brazil-based crypto-friendly start-up.
That’s in keeping with the most recent Securities and Trade Fee (SEC) submitting by Buffett’s firm.
Berkshire Hathaway additionally bought a $500-million stake in NuBank a number of months earlier than it went public in December 2021. The lender raised $2.6 billion in its New York IPO, valuing the fintech agency at over $40 billion.
Buffett, Berkshire’s chairman and CEO, has been some of the lively critics of cryptocurrencies. The billionaire investor had beforehand bashed bitcoin for being an asset that “doesn’t create something.”
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He additionally known as the cryptocurrency “rat poison” and mentioned that bitcoin stands for nothing greater than a “delusion that draws charlatans”.
Buffett’s longtime companion and Berkshire vice chairman Charlie Munger has mentioned he wished cryptocurrency had by no means been invented and likewise described digital forex as “beneath contempt.”
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