Buffett may be warming on tech in general as equity selloff rolls on

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Warren Buffett

Will the Oracle from Omaha, who has long disdained fast-growing tech companies, become more amenable to the sector as a whole? And what will that do for Bitcoin?

 

In a new report at Cointelegraph, Joseph Young talks about signs that might signal a sea change at Warren Buffett’s Berkshire Hathaway in terms of technology investment.

 

Young cites a foray into the IPO of a company called Snowflake as potentially a harbinger of a more tech-friendly mindset. The author also lays out major holdings by Berkshire Hathaway that include $117 billion worth of Apple stock, no small potatoes, and $1.7 billion invested in Amazon. Along with that, BH holds significant stakes in much more commodity-focused companies like Coke and Kraft, and in traditional banking institutions like Wells Fargo, which the firm hopefully bought when Wachovia was down to a few cents.

 

In any case, critics point to all of Warren Buffett’s past comments deriding Bitcoin and other cryptocurrencies as forever sentiments that keep the renowned investor from hopping on any crypto bandwagon – but things are changing. Small investors aren’t the only ones fleeing equities market, and weeks ago, we reported on new gold-related ventures by Berkshire Hathaway.

 

As for Bitcoin, Young suggests that the household name cryptocurrency could be a front-runner in any emergence of new investor interest in related technologies.

 

“Over time, widespread digitization of key sectors would benefit the long-term trend of Bitcoin because many investors consider it as digital gold,” Young writes. For ballast, h cites comments by Cameron Winklevoss, himself a big gainer on the other side of the blockchain debate, talking about the difference between investing in physical gold as a finite commodity and Bitcoin as a digital asset.

 

“The total amount of above-ground gold on earth fits into an Olympic-sized swimming pool,” Winklevoss reportedly opined. “Physical assets are easier to control, seize, and censor. Bitcoin lives everywhere and nowhere, its digital nature is one of its greatest strengths.”

 

Do your research, and make your decisions. BTC is around $10,300 as of press time after inflating to almost $13,000.

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