Warren Buffett’s structure will issue its own cryptocurrency token

Despite his open dislike of the digital asset market, American investor Warren Buffett has become an active participant in the creation of the cryptocurrency industry by investing in the creation of a new token. In 2023, Brazilian fintech startup Nubank will issue its own cryptocurrency Nucoin on the Polygon blockchain. The token will be used in the loyalty program among Brazilian customers. Holders of such tokens will receive discounts on banking services and other benefits.

Back in February, Buffett’s company Berkshire Hathaway withdrew some of its funds invested in Visa and Mastercard and invested in Nubank. It is noteworthy that in 2020, Buffett openly stated that digital currencies do not produce anything and «their value is zero.» In addition, the entrepreneur said that he has never had and will never have cryptocurrencies. All things considered, the businessman seems to have reconsidered his position. Experts assume that this is a way for the investor to indirectly support the cryptocurrency industry without renouncing what he said earlier.

It should be added that Buffett has long been criticized by his colleagues in the financial industry. For example, Bill Miller, a billionaire founder and chief investment officer of Miller Value Partners, has long advised against listening to Warren Buffett, who previously stated that he would not buy bitcoin for a penny, because «the purpose of investing is not to own productive assets, but to make money.»