November 30, 2022

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Berkshire Warns of Crypto Site |  Finansavisen

Berkshire Warns of Crypto Site | Finansavisen

Warren Buffett’s Berkshire Hathaway issued a warning to investors on Friday that it is not affiliated with a cryptocurrency brokerage site that uses the Berkshire Hathaway name.

“The entity that has this URL has no affiliation with Berkshire Hathaway or its President and CEO, Warren E. Buffett,” Berkshire said in a statement it said it became aware of berkshirehathawaytx.com Friday afternoon.

Enter wrong name

Among other things, the cryptocurrency site describes the operator of the company as a Texas-based broker that was established in 2020 to offer investors “the opportunity to earn a full income passively from investing in cryptocurrency mining.”

Furthermore, the site claims to be regulated by the United States, Great Britain, Cyprus and South Africa, but uses the wrong names of two government regulators, according to Reuters.

Wealth of 108 billion dollars

It is a known fact that Buffett has long been a skeptic of cryptocurrency. And the “Oracle of Omaha” dubbed Bitcoin in 2018 for “rat poison magnified in others” (Rat poison box).

Buffet, which is currently classified as Fifth richest man in the world According to Forbes With a fortune of $ 108.2 billion, Berkshire Hathaway has been managed since 1965. The Omaha-based group has acquired many companies over time and, as of September 30, owned more than $ 306 billion in shares.

File for bankruptcy protection

The cryptocurrency has once again come under suspicious eyes recently after cryptocurrency exchange FTX crashed and filed for bankruptcy protection. This means that founder and now-retired CEO Sam Bankman-Fried has lost almost his entire $16 billion fortune.

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In addition, in the past week, several investors have filed lawsuits against the founder of FTX and several celebrities who promoted cryptocurrency trading, such as NFL legend Tom Brady and Seinfeld creator Larry David.

It invested 41 billion dollars in Taiwan

But Berkshire Hathaway hasn’t been sitting idly by lately. On Tuesday, it became known that Buffett and his colleagues have massively bought into Taiwanese semiconductor manufacturing company Taiwan Semiconductor (TSMC). TSMC makes semiconductors for IT giants like Apple, Qualcomm, and Nvidia.

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

Oracle of Omaha had a slanted view of technology stocks for a long time, but finally chose to invest in Apple around 2016. Since then, the stock has risen more than 360 percent. Before the tech downturn, which lasted most of 2022, flips were 470 percent higher than the first purchase.

Now Berkshire is sitting on a huge unrealized gain in Apple whose holdings are worth $126.5 billion, according to financial times.