I am not even sure where to begin with this.
Berkshire Hathaway, the company led by CEO Warren Buffett, has invested $500 million in a pro-bitcoin digital bank. Nubank says it will offer bitcoin investment following its acquisition of brokerage firm Easynvest which offers the trading of Brazil’s first bitcoin exchange-traded fund (ETF). From Bitcoin.com
The man who said that bitcoin was “probably rat poison squared” is now on board. And to recap, vice chairman of Berkshire Charlie Munger had this to say, "I don’t welcome a currency that’s so useful to kidnappers and extortionists. The whole damn development is disgusting and contrary to the interests of civilization."
Now, I was lying above, I have a few thoughts on where to begin with this. One of three things happened here:
1. These guys are just old and didn’t remember what they said earlier.
2. Bershire took a lot of heat by badmouthing something that had made a whole lot of people money, just not their investors. With this bad press, Buffett saw the light and got on board. I mean hey, kidnappers gonna kidnap, why not make some money.
3. Could it just be the 90 year old “Oracle of Omaha” is better at the game than any of us? Did he just make Elon Musk look like a high school kid running a lemonade stand? Maybe he pulled the final card he had to play at his age and ran down crypto’s price for his last great move.
Now, I get he didn’t go out and buy a billion dollars of DOGE. This investment is much more nuanced than just buying crypto. It is interesting, though. Even if Buffett is more of a figurehead at this point, is does look like he became the greatest investor of the last 50 years for a reason. I may have to go and delete a few old posts about him to save face.
Thanks for reading and make sure your refrigerator door got shut all the way.