The “Sage of Omaha”, Warren Buffett, is quietly coming around to crypto. A recent Berkshire Hathaway filling reveals it dumped shares in legacy financials Visa and Mastercard and sank $1 billion into a crypto-friendly neobank. Read more:
In the past both Buffett and Munger have ridiculed bitcoin. Buffet described it as “rat poison squared” and Munger argued that trading in cryptocurrencies is “just dementia”., the largest fintech bank in Brazil that’s big among bitcoin investors. And obviously, you wouldn’t bet on a company leveraged to crypto if you weren’t bullish on it.:"The Nubank investment can be tagged as Buffett's way of supporting the fintech/crypto world without taking back his criticisms of the past.
The fact that these icons of the investment world now believe in cryptos will likely persuade even the most reluctant of big institutional investors to take another look, potentially turbocharging demand.The increasingly positive attitude of institutional investors suggests bitcoin is entering the mainstream and can challenge gold as a modern store of value and haven.
“There’s $650 billion worth of bitcoin out there. Meanwhile, investors hold at least $2.7 trillion in gold, according to the World Gold Council. If, say, they moved just a bit more than 20% of their gold holdings to bitcoin, the cryptocurrency could double or more.” Later I wrote: “2022 is set to deliver the biggest hawkish monetary reversals in the past decade, and bitcoin will finally answer the most important question: after 13 years, is it still a speculative asset? Or has it worn off on investors as a safe haven?”
This question is going to be one of the most fundamental bitcoin drivers in the near term. If bitcoin matures as a stable asset class, ARK Invest’s Cathie Wood believes $1m by 2030 is possible, arguing it “represents only a fraction of the value of global assets amid increasing adoption each year”.
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