Investor legend Warren Buffett indirectly invests in cryptocurrencies through a leading Latin American bank.
Warren Buffett indirectly invested heavily in crypto
Berkshire Hathaway and its largest shareholder, Warren Buffett, recently invested $500 million in Brazilian digital bank Nubank. The digital bank went public as Nu Holdings in December 2021. Buffett supports the company with additional capital. Now, these investments will indirectly flow into the cryptocurrency market.
Nubank is launching its own cryptocurrency through a partnership with Polygon. In the first half of 2023, it is preparing a cryptocurrency that it will gift to its customers free of charge. “Nucoin”, which will be the start of a new “breakthrough rewards program”, will indirectly carry Warren Buffett’s investments.
As we quoted as Kriptokoin.com, Nucoin will be released in the first half of 2023. Nucoin General Manager Fernando Czapski wished Nucoin would attract more customers to the bank:
We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and encourage greater engagement with Nubank products.
The bank’s move represents institutional funds flowing into the cryptocurrency market
Nubank has over 70 million customers in Brazil and other Latin American countries. The plan is to offer customers discounts and benefits available by spending Nucoin. Nu Holding launched cryptocurrency transactions for Bitcoin and Ethereum in May 2022. Czapski says this is a step ahead for the company’s propulsion in blockchain technology and cryptocurrency. Polygon co-founder Sandeep Nailwal also praised the bank’s move. Nailwal noted the following about the bank’s move:
The fact that one of the world’s largest digital banking institutions is offering its own cryptocurrency is strong proof of the usefulness of blockchain and crypto.
Buffett was one of the biggest contenders for Bitcoin and the rise of cryptocurrencies. Peter Thiel tags Buffett as Bitcoin’s number one enemy. Buffett said he would not buy Bitcoin even if it drops to $25 this year.
Warren Buffett has always been an advocate for investing in valuable companies. The legendary investor invests in companies that he believes have a strong feature and products that consumers want and need.
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