As per the latest rumors doing the rounds, Bitcoin basher Warren Buffett may become an indirect investor in the leading digital asset through the latest crypto lover, PayPal.
Even if something like this actually happens, it won’t be something out of the ordinary because, in the past, Buffett has been wrong about Google and Amazon and has regretted not buying them.
On top of this, the “Oracle of Omaha” finally changed his tune on gold in August 2020, the month when the precious metal hit an all-time high above $2,000. Currently, the bullion is trading around $1,880.
Meanwhile, Bitcoin is racing towards its ATH of $20,000, up 150% YTD. The digital asset, which is currently trading above $18,000, has surged 88% since Buffet called Bitcoin a “rat poison squared” in May 2018 and surged about 230% since he called it a “gambling device” a year later.
So, it can be expected that Buffett would finally get into BTC when the digital asset hits its new peak like many other high-profile names have been seen pivoting to it in 2020.
— Hsaka (@HsakaTrades) November 17, 2020
The CEO of Berkshire Hathaway has already been dumping his bank stocks this year and jumping on the big pharma like Pfizer as they announce the vaccines.
From JPMorgan Chase, Wells Fargo, and M&T Bank to PNC Financial, Buffett has slashed his stake in the banking stocks.
Now, it is rumored that he is accumulating a position in PayPal. Buffett already owns shares of Visa, Mastercard, and American Express.
PayPal is betting big on crypto as it allowed its customers to buy, sell, and hold Bitcoin and other cryptos just last month and next year will allow them to shop using these digital currencies.
The online payment service provider has already reached 85% of the volume of BinanceUS in its first month of offering crypto, thanks to its “eager” customers.
PayPal’s trailing 12-month revenue was over $20 billion at the end of September 2020, with free cash flow also up 43% compared to the same period in 2019.
Visa and Mastercard were two of the best-performing stocks of the 2010s as digital transactions took over the world. Now it is a second chance at a missed opportunity for Buffett not only in PayPal but also in Bitcoin and crypto.