Warren Buffett’s Berkshire Hathaway has invested $ 500 million in the parent company of private digital bank Nubank, which offers cryptocurrency investment products to its customers.
According to CNBC, Nubank is a private bank based in Brazil, which was founded in 2013 and has about 40 million customers. The company’s chief executive revealed that an initial public offering is currently planned, but is likely in the future.
The $ 500 million investment is remarkable, as Buffett is a well-known critic of bitcoin, who in the past called the cryptocurrency a “gambling device” and said it cost nothing because it produced nothing. The investor has made a similar lawsuit against gold.