Strangely, Noted Crypto-Skeptic Warren Buffett May Soon Become a Backdoor Cryptocurrency Investor
It's well known that legendary investors Warren Buffett and Charlie Munger are not fans of the growing crypto movement. The two, who head the large conglomerate Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), have made numerous public statements about their dislike and distrust of Bitcoin and other cryptocurrencies.
One of the main reasons Buffett doesn't like Bitcoin is that it doesn't produce anything tangible. Buffett also said that he wouldn't purchase all of the Bitcoin in the world for just $25 if he had the opportunity. Meanwhile, Munger has delivered his own tirade against Bitcoin and cryptocurrencies, calling them "stupid and evil." He also said crypto undermines the Federal Reserve system.
But in an interesting turn of events, one of the companies in Berkshire Hathaway's large equities portfolio has recently announced its plan to launch its own cryptocurrency, so if Berkshire continues to hold the stock, the conglomerate would essentially be indirect investors in a cryptocurrency. Let me explain.
Source Fool.com
