Berkshire Hathaway has reportedly made a $ 500 million investment in Brazilian digital bank Nubank.
The firm is owned by Warren Buffett, a world millionaire who once criticized Bitcoin (BTC) and other cryptocurrencies.
Nubank said the investment will be used against the expansion of its newly launched company in Columbia, including attracting more new executives from several large tech companies.
Nubank chief executive officer David Velez explained that the fund could indirectly help democratize access to financial services throughout Latin America.
This is a follow -up focus from the record that only half of the population has a bank account and about 21% use credit cards.
Buffett is known for his criticism of Bitcoin (BTC) as a ‘worthless’ asset. Together with his partner, Charlie Munger, they once called BTC a ‘rat poison’.
Is Buffett making a u-turn?
For the record, last year Berkshire Hathaway also made investments in several technology -related firms including cloud computing technology firm, Snowflake.
The firm also owns billions of dollars in shares of Apple and Amazon.
