icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
17 Feb, 2022 12:45

Buffett U-turns on ‘rat poison,’ pours in $1bn

Berkshire Hathaway buys stake in crypto bank despite the ‘Oracle of Omaha’s’ previous criticism of bitcoin
Buffett U-turns on ‘rat poison,’ pours in $1bn

Four years after calling Bitcoin “rat poison squared” and warning investors against it, Warren Buffett’s Berkshire Hathaway has purchased $1 billion in shares of a digital bank named NuBank, a Brazil-based crypto-friendly start-up.

That’s according to the latest Securities and Exchange Commission (SEC) filing by Buffett’s company.

Berkshire Hathaway also purchased a $500-million stake in NuBank several months before it went public in December 2021. The lender raised $2.6 billion in its New York IPO, valuing the fintech firm at over $40 billion.

Buffett, Berkshire’s chairman and CEO, has been one of the most active critics of cryptocurrencies. The billionaire investor had previously bashed bitcoin for being an asset that “does not create anything.”

He also called the cryptocurrency “rat poison” and said that bitcoin stands for nothing more than a “delusion that attracts charlatans”.

Buffett’s longtime partner and Berkshire vice chairman Charlie Munger has said he wished cryptocurrency had never been invented and also described digital currency as “beneath contempt.”

For more stories on economy & finance visit RT's business section