Warren Buffett Stocks invests $1 Billion in crypto-friendly banks

Warren Buffett and Charlie Munger, Berkshire Hathaway bosses and legendary investors, have disgusted bitcoin and other cryptocurrencies. But are they saying it? For a long time, the name-calling has continued.

Warren Buffett and Charlie Munger, Berkshire Hathaway bosses and legendary investors, have disgusted bitcoin and another cryptocurrency. But are they trying to mean it?

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According to the report, Berkshire Hathaway purchased shares in NuBank worth $1 billion. This digital Brazil-based Neobank is one of the most critical digital financial service providers in Latin America.

Although the bank doesn’t allow cryptocurrency trading, it has an investment unit called NuInvest that will enable users to invest in various cryptocurrencies and bitcoin exchange-traded funds.

Berkshire’s CEO and chairman Buffett famously called cryptocurrency “rat poison” and an unproductive asset with “no unique value.”

As recently as this week, his longtime partner and Berkshire vice-chair Munger said that he wishes cryptocurrency never existed. He also called the digital currency “below contempt.”

It isn’t the first time Hathaway has invested in the crypto-system. The company purchased a 500-million stake in NuBank in 2021, months before NuBank went public.

Hathaway, however, has been steadily reducing its investments in traditional financial assets and institutions.

SEC filing: It was also revealed that around $3 billion in shares had been sold to digital payment giants Visa or Mastercard. Berkshire also sold approximately 1.27 million Visa shares and 3,02,000 Mastercard shares in the fourth quarter of 2021.

Fortune Interview Nubank Co-founder Cristina Junqueira Said:

The [Latin America] region offers so many opportunities. It is unbeatable because it combines great people, terrible customer experiences, and high fees. There is no better place in the world for fintech companies looking to address this opportunity.

Notably, Latin America is home to large sections of the population whose needs are not being met by traditional financial institutions and banks. This market offers a vast and untapped consumer market for many digital financial services providers such as NuBank.

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