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Anti-Bitcoin Warren Buffet indirectly became a crypto investor

Anti-Bitcoin Warren Buffet indirectly became a crypto investor

Warren Buffett, CEO of Berkshire Hathaway Inc, one of the leading names against Bitcoin investment, became a Bitcoin investor due to one of his investments.

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February 23, 2023 05:39
Anti-Bitcoin Warren Buffet indirectly became a crypto investor
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Warren Buffett, CEO of Berkshire Hathaway Inc, one of the leading names against Bitcoin investment, became a Bitcoin investor due to one of his investments. Berkshire Hathaway, owned by Buffett, became a shareholder of the company, taking its first position in the digital bank after Nu Holdings went public in December 2021.In June 2021, Berkshire Hathaway invested $ 500 million in Brazilian digital bank Nubank.At the time, many pointed out that Nubank was a cryptocurrency-friendly bank and that Buffett could be exposed to cryptocurrency trading. According to the CoinDesk report, Nubank launched Bitcoin and Ethereum trading for millions of users, while the bank’s parent company also allocated 1% of its cash to Bitcoin. Accordingly, certain users of Nubank were paved the way for Nubank to buy and sell Bitcoin and Ethereum as of last week. The trading platform is also expected to be opened to all users by the end of July and additional cryptocurrencies are expected to be added to the platform in the future.Nubank has previously offered various ETFs that allow customers to invest in cryptocurrencies.Nubank CEO David Velez said, “There is no doubt that crypto is a growing trend in Latin America, a formation that we closely follow and believe will have a transformational impact on the region.” Nubank has 53.9 million users in Brazil and some other Latin American countries. Buffett had previously said that he would not buy Bitcoin even if it fell to $ 25. Berkshire Vice President Charlie Munger continued his criticism of cryptocurrencies and made statements about Bitcoin at the annual shareholders conference. “When you have your own retirement account and your advisor suggests you invest all the money in Bitcoin, just say no,” Munger said in a statement on the subject. “However, Berkshire Hathaway has been exposed to Bitcoin through Nubank as a result of its wide range of investments. Economists also state that if more companies adopt cryptocurrencies, the company’s indirect exposure to Bitcoin and cryptocurrencies may increase. Some market participants say that Warren Buffett, who is sceptical about crypto markets, may be investing in cryptocurrencies, albeit indirectly.

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