Source: Agency

Warren Buffet Enemy Cryptocurrency

| 20.4.22 |

Warren Buffett

 The former CEO of PayPal, Peter Thiel, called Warren Buffet the number one enemy trying to stop the development of cryptocurrencies. He conveyed this at the Cryptocurrency Conference, Thursday, April 7, 2022 in Miami, United States. Warren Buffett is enemy number one!, said Peter Thiel, quoted from CNBC International media. Apart from mocking Warren Buffett, Peter Thiel also made fun of JPMorgan CEO Chase Jamie Dimon and BlackRock CEO Larry Fink for their negative content about cryptocurrencies. He called their views a reflection of "the big New York City bankers' prejudice against cryptocurrencies". 

He then encouraged cryptocurrency enthusiasts who watched the conference around the world, to fight for the price of bitcoin, to keep skyrocketing. Attempts to get Bitcoin up 10x or 100x from the current time. In fact, according to Peter, when they (Buffet, JPMorgan, and Larry) chose not to allocate their funds to Bitcoin, it was just a very political choice from them. After Peter's remarks, reported by CNBC, a spokesman for Berkshire Hathaway (a company owned by Warren Buffet) and JPMorgan declined to comment on Peter Thiel's statement. However, it should be noted, Larry Fink, is not completely underestimating cryptocurrencies. 

In a letter to his company's shareholders last month, he wrote that Russia's military offensive in Ukraine would accelerate the adoption 
of digital currencies.
A well-designed global digital payment system (Bitcoin) can improve the settlement of international transactions while reducing the risk of money laundering and corruption, writes Larry Fink. It is different with the prominent stock investor Warren Buffett, who has long shown his dislike of Bitcoin. He even called investing in even the most popular cryptocurrencies a bad investment. At Berkshire's annual stock meeting last year, the seasoned investor likened cryptocurrencies to a box of rat poison. 

He also went on to tell CNBC that Bitcoin would not create anything in this world. Even a few weeks ago, Warren called investing in bitcoin a form of gambling. According to him, it was just a game, not an investment. Warren also warned crypto investors that Bitcoin and other cryptocurrencies were "almost certain" to "go down" and be lost. But the funny thing is, in February 2022, Barkshire Hathaway, which incidentally is Buffett's company, actually did something different from what the owner said. The company, for the second time, bought back a $1 billion stake in Brazil-based digital bank Nubank

Nubank is a new type of bank that operates outside the rules of the conventional banking system. What sets this financial company apart from the rest is that it offers fully controlled credit cards via a mobile app. The app allows its users to track transactions in real-time, block personal credit cards, request limit increases and contact customer support. Nubank owns the investment arm of the digital bank, NuInvest, which is one of many products that allow users to put money into Bitcoin-traded exchange funds (Bitcoin ETFs). 

Note, Companies that use their financial transactions using Bitcoin. Berkshire Hathaway bought Nubank's first stock, worth $500 million in mid-2021, months before the company's IPO in December 2021. At that time, Nubank announced that the purchase of shares was the largest single investment the digital bank has ever received.

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