Berkshire warns crypto sites | Financesavisen

Warren Buffett’s Berkshire Hathaway issued a warning to investors on Friday that it has no affiliation with the cryptocurrency brokerage site that goes by the name Berkshire Hathaway.

“The entity that owns this URL has no affiliation with Berkshire Hathaway or its chairman and CEO, Warren E. Buffett,” Berkshire said in a statement, which said it had studied the website Friday afternoon.

Entered the wrong name

Among other things, the crypto website describes the company’s operators as a Texas-based broker founded in 2020 to provide investors “the opportunity to earn a full passive income from investing in cryptocurrency mining.”

In addition, the websites claim they are regulated by the United States, United Kingdom, Cyprus and South Africa, but use the incorrect names of the two government regulators, writes Reuters.

Fortune 108 billion dollars

It is a well-known fact that Buffett has long been skeptical of cryptocurrencies. And “the oracle of Omaha” called bitcoin in 2018 “rat poison magnified in others” (squared rat poison).

Buffet, which is currently ranked as the fifth richest person in the world by Forbes with a fortune of $108.2 billion, has run Berkshire Hathaway since 1965. The Omaha-based conglomerate has acquired numerous companies over time, and as of September 30, was valued at more than $306 billion.

Filed for bankruptcy protection

Cryptocurrencies once again had a suspicious outlook recently after crypto exchange FTX collapsed and filed for bankruptcy protection. This means that founder and now retired CEO Sam Bankman-Fried has lost almost his entire $16 billion fortune.

In addition, several investors in the last week filed lawsuits against the FTX founder and several celebrities who have promoted his crypto exchange, such as NFL legend Tom Brady and Seinfeld creator Larry David.

Invest 41 billion in Taiwan

But Berkshire Hathaway isn’t just sitting idly by these days. On Tuesday, it became known that Buffett and colleagues had made a large purchase into semiconductor manufacturer Taiwan Semiconductor Manufacturing (TSMC). TSMC makes semiconductors for IT giants like Apple, Qualcomm, and Nvidia.

This means that Norwegian company Nordic Semiconductor is also up a few percent on the stock exchange here at home.

The Omaha forecaster had a skewed view of technology stocks for a long time, but finally opted to invest in Apple around 2016. Since then, the stock is up more than 360 percent. Before the technology decline, which lasted most of 2022, facits were up 470 percent from first purchases.

Now Berkshire sits on top of huge unrealized profits in Apple with its $126.5 billion holding, according to Financial timing.

Georgie Burke

"Music maven. Evil pop culture lover. Unapologetic creator. Friend of animals everywhere."

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