Warren Buffett invests $1 billion in bank for cryptocurrencies

Warren Buffett invests $1 billion in bank for cryptocurrencies

Is Warren Buffett’s approach to the cryptocurrency market suddenly changing? There are indications of this, as the billionaire is investing a huge amount of money in a fintech company that offers trading options for virtual coins.

$1 billion in Nubank shares

The sixth figure on the list of the richest personalities of the globe, and at the same time the chairman of the financial powerhouse Berkshire Hathaway, has made further strategic decisions for his company. In the last quarter of 2021, he decided to withdraw his investment funds from Visa and MasterCard. The shares he held were sold for $1.8 billion and $1.3 billion, respectively. Unexpectedly, a significant part of them was invested in another financial markets company. We are talking about a Brazilian neobank called Nubank. The investment amounted to as much as $1 billion and includes Class A shares.

Nubank is a very well-known fintech company in Brazil. It acquired a trading platform called Easynvest in May 2021, through which it began offering Bitcoin ETFs in June 2021.

Is Warren Buffett changing his view on Bitcoin?

Immediately after the news was published, speculation heated up in the market whether Warren Buffett has changed his attitude to the cryptocurrency market after many years of skepticism. Recall that he has never been its supporter. He spoke about it with caution, saying, for example, that he does not invest in technologies and instruments that he cannot understand. 

Nevertheless, Buffet owns Bitcoin. It was given to him by Justin Sun, CEO of the Tron Foundation and creator of the Tron cryptocurrency. This took place during a dinner that Justin Sun won during a charity auction. He then had the opportunity to speak with Buffett about blockchain technology, which the billionaire was already a bit more convinced about. In addition to Bitcoin, Sun also gifted Buffett with 1930830 TRX tokens. This number is no coincidence, as it corresponds to the Berkshire Hathaway CEO’s birth date, which is August 30, 1930.

Buffett so far has not officially commented on his new investment. However, it is worth noting that even if he still does not believe in Bitcoin, he sees social potential in it.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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