Now his money is saying otherwise. Berkshire Hathaway made its crypto investment public with a SEC filing earlier this week.
Nubank is a so-called neobank, a type of bank that operates outside of the rules of the traditional banking system. The digital bank's investment unit, NuInvest, allows users to put money in a Bitcoin exchange-traded fund ETF —tapping a financial space that Berkshire's leaders have shown little love for.
At the time, Nubank announced that this had been the largest single investment the fintech bank had ever received. As Berkshire was upping its investments into the crypto sphere last year, the company also dropped some of its other, more traditional financial assets. While Buffett and Munger may have a personal distaste for cryptocurrency, the superstar investment pair may be seeing an entirely different kind of opportunity in digital financial service providers like Nubank.
There is huge competition among up-and-coming digital banks in Latin America, where a large portion of the population feels underserved by the traditional banking and financial system. Companies like Nubank are looking to tap into a massive potential consumer market of people largely dissatisfied with the existing system.