Morgan Creek Digital: Buffett Bought Gold, Will Buy Bitcoin Later

Legendary investor Warren Buffett will ultimately add bitcoin to the investment portfolio of Berkshire Hathaway, which he leads. The Morgan Creek Digital co-founder Jason Williams is convinced of this.

Buffett sold banks and bought gold. He will buy #Bitcoin soon.

— Jason A. Williams🚀 (@GoingParabolic) August 15, 2020

The trigger for Williams’s comments was Berkshire Hathaway’s filing with the U.S. Securities and Exchange Commission (SEC), the ‘Oracle of Omaha’ report. According to the document, Berkshire Hathaway purchased nearly 21 million shares of the Barrick Gold mining company for $562 million.

Buffett trimmed positions in the shares of the largest U.S. banks JPMorgan Chase & Co, Wells Fargo & Co, Goldman Sachs, Bank of New York Mellon, PNC Financial Services Group and US Bancorp. In Fortune, this was explained by expectations that delinquencies and defaults on loans would rise due to the COVID-19 pandemic.

Jason Williams believes Berkshire Hathaway will buy bitcoin without the founder’s knowledge.

“These are young managers and analysts pushing the trade in gold and in BTC. He won’t even know when it happens,” he explained.

Warren Buffett is known for his negative stance on bitcoin. In February this year he called the first cryptocurrency ‘a complete zero’, with no value. Earlier, the most successful investor of the last decade predicted the collapse of the crypto industry. Speaking about bitcoin, he used terms such as ‘rat poison squared’ and ‘an illusion of value without intrinsic value’. His view was not swayed by a lunch with Justin Sun, for which the head of Tron Foundation paid $4.5 million.

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