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Buffett Backs Crypto

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Four years after calling Bitcoin “rat poison squared” and warning investors against it, Warren Buffett’s Berkshire Hathaway has purchased $1 billion in shares of a digital bank named NuBank, a Brazil-based crypto-friendly start-up.

Unlike other billionaires like Elon Musk and Jack Dorsey, Buffett criticizes cryptocurrencies.

One of the most closely-tracked investors in the world, Buffett favors traditional investment assets, and he even talked about his inclination toward S&P 500 stocks in the recent past. According to reports, his close associate Munger lately referred to cryptocurrencies “like some venereal disease”.

That’s according to the latest Securities and Exchange Commission (SEC) filing by Buffett’s company.

Berkshire Hathaway also purchased a $500-million stake in NuBank several months before it went public in December 2021. The lender raised $2.6 billion in its New York IPO, valuing the fintech firm at over $40 billion.

Buffett, Berkshire’s chairman and CEO, has been one of the most active critics of cryptocurrencies. The billionaire investor had previously bashed bitcoin for being an asset that “does not create anything.”

He also called the cryptocurrency “rat poison” and said that bitcoin stands for nothing more than a “delusion that attracts charlatans”.

Buffett’s longtime partner and Berkshire vice chairman Charlie Munger has said he wished cryptocurrency had never been invented and also described digital currency as “beneath contempt.”

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Cryptocurrencies, Decentralized processes and the ever widening impact of Blockchain are going to have a major impact on the way things are done, who does them and who makes the money. Where there were once huge barriers to entry, the door is now open. Individuals can now access income from the type of business once reserved for Institutions, Governments and High Net-Worth Individuals. They can through Blockchain, DeFi and P2P protocols became bankers participating in income from trading, brokerage, settlements, fees, mortgages, finance, margin lending and a host of other financial services.