Warren Buffet, the Oracle of Omaha, may be changing his negative stance Bitcoin. Any chance that he’ll become an Oracle of Bitcoin?
Warren Buffet has invested one billion dollars into a crypto bank, namely NuBank, centered in Brazil, as revealed by an SEC filing. The bank represents a business opportunity for Buffet, as Latin America is in desperate need of a viable banking solution for the unbanked.
Muhammad Yunus, author “Banker to the Poor,” explains the social injustice associated with an antiquated banking system that only serves those privileged enough to buy into our current centralized system:
Peace should be understood in a human way – in a broad social, political and economic way. Peace is threatened by unjust economic, social and political order, absence of democracy, environmental degradation and absence of human rights.
-Muhammad Yunus
By combing mobile and FinTech ,NuBank is opening up doors for unbanked individuals to access credit and earn interest. NuBank also bank allows for its holders to put money into a Bitcoin ETF, thus giving its participants exposure to Bitcoin.
Crypto offers all kinds of opportunities for the unbanked. NuBank is an example of a crypto custodian; however, anyone with a computing device to access the internet can obtain crypto peer-to-peer, there are no barriers to entry such as KYC, or minimal deposits. Another benefit is low transaction fees, which are highly impactful to impoverished regions across the globe (with some exceptions, cough, cough–Ethereum).
Will Warren Buffet become the Oracle of Bitcoin?
Most definitely not. As it will certainly take Warren Buffet some time to come around and publicly support Bitcoin, or anything crypto related. But this investment in NuBank certainly creaks open a window of new opportunities. And it may quell some fears of his followers who are interested in buying crypto.
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