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Is Bitcoin no longer dead to the rats? Warren Buffett-Backed Nubank Introduces Cryptocurrency Trading



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Is Bitcoin no longer dead to the rats? Warren Buffett-Backed Nubank Introduces Cryptocurrency Trading


It appears that the growing popularity of Bitcoin and other cryptocurrencies, despite the ongoing carnage in the broader crypto market, has changed the mind of one of the greatest investors of all time, Warren Buffett.

The 91-year-old investor was asked May 2 at Berkshire Hathaway’s annual shareholder meeting if he had changed his notoriously harsh view of bitcoin or cryptocurrencies.

“If you had all the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett said. “Because I wouldn’t have any use for it, I’m going to have to sell it back to you to some extent. It won’t matter.

At the same annual meeting of shareholders in 2018, Buffett called bitcoin “possibly rat poison squared” and warned investors not to invest.

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Warren Buffett called bitcoin poison for rodents, “square.” (take from YouTube)

A change of heart?

Fast-forward to May 13, Nubank, one of the world’s largest digital banking platforms backed by (surprise!) “The Oracle of Omaha,” Mr. Buffett himself, launched cryptocurrency trading.

Starting with Bitcoin and Ether, the bank claimed that its 54 million users could “buy, hold and trade digital assets from the same app” without having to create new accounts or transfer funds.

Nubank is currently available in Colombia, Brazil and Mexico. In addition, they have started to offer the cryptocurrency trading service in Brazil.

Users can start trading Bitcoin and Ethereum for as little as $0.2. And since no new account is required, the barrier to entry for bitcoin and other related tokens is further lowered.

Full access to Bitcoin

It is expected that by the end of July 2022, all Brazilian users will have full access to cryptocurrencies through Nubank. In addition to offering more crypto alternatives in the future, they intend to educate customers about crypto through a variety of sites.

Total BTC Market Cap at $558 Billion on Daily Chart | Source: TradingView.com

Nubank is a so-called neobank, a type of lender that works outside the regulations of the standard banking system.

NuInvest, the investment division of the “crypto-friendly” digital bank, allows users to invest in a Bitcoin exchange-traded fund (ETF), giving them access to a financial sector that Berkshire executives have shown little interest.

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According to various sources, the cryptocurrency infrastructure provider Paxos would provide essential trading and custody services for the Nubank offering.

Buffett has long been opposed to Bitcoin. In 2018, he told CNBC that they “will come to a disastrous end” and that Berkshire Hathaway “would never own a piece of it.”

Featured image of Financial Express, chart from TradingView.com

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