Warren Buffet sells Visa invests $1 billion into Bitcoin-friendly bank

Warren Buffet has sold some of his shares in Visa and Mastercard to purchase $1 billion in stock for a Bitcoin-friendly bank.

@JakConnorTT
Published Wed, Feb 16 2022 1:32 AM CST   |   Updated Mon, Mar 14 2022 2:53 AM CDT

Warren Buffet's Berkshire Hathaway has sold a portion of its shares in both Visa and Mastercard in a move away from traditional credit systems.

Berkshire Hathaway has sold $1.3 billion worth of Mastercard and $1.8 billion worth of Visa stock. Through a securities filing it was discovered the conglomerate purchased $1 billion worth of Nubank Class A stock throughout the fourth quarter of 2021. In the past Buffet has been critical over investing in fintech, emerging technologies aimed at competing with traditional financial systems, and has even honed in on Bitcoin saying it "does not create anything."

However, these recent actions from Buffet's Berkshire Hathaway seem to indicate that the billionaire has at least changed his opinion to some degree about these emerging technologies, as Nubank is the largest fintech bank in Brazil and furthermore has been offering its users Bitcoin exchange-traded fund (ETF) since June 2021 through the trading platform it purchased in 2020 called Easynvest.

For more information on this story, check out this link here.

Warren Buffet sells Visa invests $1 billion into Bitcoin-friendly bank 03 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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