Berkshire Hathaway drops another $1bn on crypto

Warren Buffett’s Berkshire Hathaway has unloaded $1bn to buy stock in Nubank, a digital bank that focuses exclusively on crypto.

The news immediately gave rise to speculation that Buffett is not against crypto after all, and many reminded the investor of his previous words, describing the sector as “rat poison”.

The $1bn investment was revealed in a US Securities and Exchange Commission filing which showed that the firm had sought to back the digital bank operating out of Brazil.

Nubank styles itself as a “neo-bank” which does not necessarily follow the same rule its mainstream counterparts. This is the second big stake that Berkshire Hathaway is placing in the bank after investing $500m in 2021.

Buffett has been quieter on crypto of late and has made strategic moves in specific sectors that relate to the underpinning technology more so than investing in any form of cryptocurrency himself.

The bank allows consumers to deposit in a Bitcoin exchange-traded fund or ETF, which is a practice that Buffett and many of his close circle do not support in theory. Now, it seems they have seen the practical value of it.

Buffett’s right-hand man, Charlie Munger, has been more aggressive towards crypto, arguing that the currency had no value and even admitting that he wished the currency had “never been invented”.

Many have ascribed Munger and Buffett’s skepticism to the fact that they have made their riches and were threatened by a more liberal financial system.

This argument is fair but fails to acknowledge that 0.01% of all addresses own 75.5% of all BTC. Far less than the 1% protest group such as #OccupyWallStreet once feared.

If you are not a crypto skeptic yourself, you may perhaps find some interesting and wortwhile things to do at Bitcasino, 1xBit and FortuneJack.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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