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.”
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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.”
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