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    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

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    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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Warren Buffet invests in “Rat Poison”, stakes $1 billion on a crypto-friendly bank

Thursday, 17 February 2022, 3:51 pm
in Business, Companies
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Warren Buffet invests in “Rat Poison”, stakes $1 billion on a crypto-friendly bank
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Warren Buffet’s company, Berkshire Hathaway has bought $1 billion worth of stock in a digital bank that is friendly to crypto.

Berkshire Hathaway made its crypto investment public with a SEC filing earlier this week. It revealed that Buffett’s company had purchased $1 billion in shares of Nubank, a digital bank based in Brazil, and the largest of its kind in Latin America.

Nubank is a so-called neobank, a type of bank that operates outside of the rules of the traditional banking system. The digital bank’s investment unit, NuInvest, allows users to put money in a Bitcoin exchange-traded fund (ETF)—tapping a financial space that Berkshire’s leaders have shown little love for.

Berkshire’s leaders; Warren Buffet (Chairman)  and Charlie Munger (Vice-Chairman) has never hidden their individual distaste for cryptocurrencies.

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Not so long ago, while presiding over the  Berkshire Hathaway 2018 annual shareholder meeting, Buffet said that Bitcoin is “probably rat poison squared.”

In January of 2018 Buffett warned investors about the craze over bitcoin and other cryptocurrencies in interview with CNBC.

“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it but I would never short a dime’s worth.”

At the 2018 AGM, Charlie Munger said that trading in cryptocurrencies is “just dementia.” He recently stated that he wished cryptocurrency had “never been invented,” and he has even indicated that he would not want any crypto trader marrying into his family.

Munger has a particular distaste for Bitcoin, the most popularly traded cryptocurrency, once calling it “disgusting and contrary to the interests of civilization.” Munger has supported China’s decision to ban Bitcoin trading in the country and has called on the U.S. to take similar measures.

“The Chinese made the correct decision, which is just to simply ban them,” he once said.

Records show that Berkshire had bought a $500 million stake in Nubank last year, months before the company went public in December 2021. It was at the time, the largest single investment the fintech bank had ever received.

An interesting aspect of the SEC filing is that while Berkshire was increasing its investment in the Crypto sphere last year, it was dropping more traditional financial assets on its books.

Having invested $1 billion in Nubank, Berkshire sold over $3 billion in its shares of Visa and Mastercard.

While Nubank has a window for its customers to interface with Cryptocurrencies, this may not be the reason for the Berkshire Investment. Buffet and his investment company are more likely to be interested in the opportunities digital financial service providers like Nubank present.

Nubank defines itself as a technology company with a young and innovative spirit that develops simple, secure and digital solutions for your financial life.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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