Known as the “Oracle of Omaha” and by other nicknames, legendary investor Warren Buffet He is a man of many names. Buffett also goes by nicknames from time to time, even calling out major cryptocurrencies. Bitcoin USD/BTC “rat poison squared”.
This is how Buffett could be more interested in cryptocurrencies than he thinks.
Buffett’s Bitcoin Ties: Buffett and Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) invested $500 million in Brazilian digital bank Nubank. The digital bank went public in December 2021 as holdings WILDEBEEST and Buffett poured additional capital into the company.
Now, with an investment of more than $1 billion in Nu Holdings, Buffett could be more exposed to the growth of the cryptocurrency market than he knows or probably would like to be.
Nu Holdings unit Nubank is launching its own cryptocurrency through a partnership with Polygon MATIC/USD to boost your loyalty and rewards for customers.
Nubank plans to launch its own token called Nucoin in the first half of 2023, which will be given away free of charge to customers and will be the start of a new “innovative rewards program”.
“We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and encourage greater engagement with Nubank products”, General Manager of Nucoin Fernando Zapski said.
Nubank has more than 70 million clients in Brazil and other Latin American countries. The plan is to offer customers discounts and benefits available when spending Nucoins.
Benzinga reported in May 2022 that Nu Holdings was launching cryptocurrency trading for Bitcoin and Ethereal EUR/USD and adding Bitcoin to your balance.
Czapski said this is another step forward for the company’s push into blockchain technology and cryptocurrency.
co-founder of polygon Sandeep Nailwal praised the move.
“The fact that one of the largest digital banking institutions in the world offers its own cryptocurrency is a strong testament to the utility that blockchain and crypto offer,” Nailwal said.
Related Link: How to Buy Bitcoin
Why it matters to Warren: Buffett has been one of the biggest opponents of Bitcoin and the rise of cryptocurrencies. Buffett was even labeled Bitcoin’s number one enemy for Peter Thiel.
Buffett said that he would not buy Bitcoin even if it went down to $25.
Buffett has been a supporter of investing in value companies and also of investing in what you know. Buffett often supports the companies he invests in, whether it’s drinking soda from Coke KO or switch from a flip phone to an iPhone from Apple Inc. AAPL.
The legendary investor invests in companies that he believes have strong character and have products that consumers want and need.
Buffett could have direct and indirect exposure to Bitcoin and other cryptocurrencies, meaning that when he speaks negatively about Bitcoin, he speaks against an area of growth for at least one of his investments.
Berkshire Hathaway also owns a stake in visa inc vwhich gives Buffett partial ownership of a cryptopunk NFT.
CEO of Polygon Studios Ryan Wyatt celebrated the association and also mentioned Buffett.
“We are excited about this partnership with Nubank and another great company building on Polygon! Also, let’s welcome Warren Buffett to space,” Wyatt tweeted with a winking emoji.
NU Price Action: Nu shares rose 4% to $4.54 on Friday against a 52-week range of $3.26 to $12.24.
Illustration via Shutterstock.
