Bitcoin is no longer rat poison Warren Buffett-backed Nubank Unveils Crypto Transactions


Despite the continuing carnage in the broader crypto market, as Bitcoin and other cryptocurrencies grow in popularity, Warren Buffett, one of the greatest investors in history, appears to have changed his mind.

The 91-year-old investor was asked if he had changed his notorious harsh comments about Bitcoin or cryptocurrencies at Berkshire Hathaway’s May 2nd annual shareholders’ meeting.

As Buffett said, “If you offered all the bitcoins in the world for $25, I wouldn’t take it.” “It will be of no use and I will have to sell it back to you to some extent. It won’t do anything.”

At the same annual shareholder meeting in 2018, Buffett referred to Bitcoin as “rat poison squared” and warned investors not to invest.

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Warren Buffett called bitcoin a poison for rodents, "squared". (YouTube grab)

change of mind?

Fast Forward On May 13th, (surprisingly!) Nubank, one of the world’s largest digital banking platforms, backed by “Oracle of Omaha” Buffett, launched cryptocurrency trading.

Starting with Bitcoin and Ethereum, the bank claims that 54 million users will be able to “buy, hold and trade digital assets in the same app” without the need to register for a new account or transfer funds.

Currently, Nubank is accessible in Colombia, Brazil and Mexico. It also started offering cryptocurrency trading services in Brazil.

Users can start trading Bitcoin and Ethereum for $0.2. And since no new accounts are required, the barriers to entry for Bitcoin and other related tokens are even lower.

Full Bitcoin Access

It is expected that by the end of July 2022, all Brazilian users will have full access to cryptocurrencies through Nubank. In addition to providing more cryptocurrency alternatives in the future, we plan to educate our customers about cryptocurrency through various sites.

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BTC total market cap at $558 billion on the daily chart | Source: TradingView.com

Nubank is a so-called Neobank, a type of lending institution that operates outside the stipulations of the standard banking system.

NuInvest, the investment arm of a “crypto-friendly” digital bank, allows users to invest in Bitcoin exchange-traded funds (ETFs), giving them access to a financial sector that Berkshire’s leaders have shown little interest in.

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According to various sources, cryptocurrency infrastructure provider Paxos will provide trading and custody services essential to Nubank’s offer.

Buffett has long been against Bitcoin. In 2018, he told CNBC that “they will have a disastrous end” and that Berkshire Hathaway “will never own any stock in them.”

Featured image from Financial Express, chart from TradingView.com

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