Warren Buffett invests $1B in Bitcoin-friendly Nubank, dumps Visa and Mastercard stocks
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Berkshire Hathaway, founded by Warren Buffett, dumped its Visa and Mastercard holdings and increased exposure to Nubank, the largest financial institution in Brazil popular with Bitcoin investors.
Nubank is one of the most valuable banks in Latin America, offering a bitcoin exchange-traded fund (ETF). It focuses on solving financial problems using technology.
The exciting thing about this news is that Buffett is one of the world’s wealthiest people, and he has been one of Bitcoin’s most prominent critics. He called the cryptocurrency “rat poison squared” in 2018.
Known for his cautious approach to investing, especially in fintech, Buffett is known as the “Oracle of Omaha.” Additionally, the veteran investor downplayed emerging decentralized finance solutions like Bitcoin (BTC), calling them an asset that did not create anything.
However, Berkshire’s new stake in Nubank shows Buffett’s softening up to fintech lately. According to the firm, the startup had invested $500 million in July 2021.
As a result, Nubank may still be exposed to the emerging crypto sector via Easynvest, enabling its top investor Warren Buffett to leverage the additional revenues, despite his opinion that Bitcoin is a “rat poison squared.”