Investing Veterans Buffet, Munger Split on Crypto

17th February 2022
Investing Veterans Buffet, Munger Split on Crypto
Image credit: Aaron Friedman / Yahoo Finance Screenshot

Investing veteran Warren Buffett has invested US$1 billion into crypto whilst his long-time business partner Charlie Munger has expressed staunch disdain for digital currency.

Despite once likening bitcoin to “rat poison”, the “Oracle of Omaha” has seemingly warmed to cryptocurrency.

In a recent SEC Filing, Berkshire Hathaway – Buffett’s famed investment powerhouse – announced it purchased US$1 billion in shares of Nubank.

The Brazilian digital neo-bank’s investment unit Nulnvest allows users to put money in a bitcoin exchange-traded fund (ETF).

Last summer, Berkshire bought a US$500 million stake in Nubank, just before it went public in December 2021. Berkshire now appears to be ramping up its investment.

In the same filing, Berkshire revealed it dropped over US$3 billion in its shares of Visa and Mastercard despite the latter embarking on a crypto hiring spree.

Buffett’s untraditional investment coincides with Munger’s Daily Journal annual meeting in which the Berkshire vice chairman threw shade at crypto.

“I’m proud of the fact I’ve avoided it. It’s like some venereal disease … I just regard it as beneath contempt”, Munger said about cryptocurrencies.

The 98-year-old billionaire highlighted that tokens have usefulness in extortion, kidnapping and tax evasion. He further expressed admiration for the Chinese government’s ban on crypto.

Written by Bread News Team
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