Despite Warren Buffet’s numerous statements discouraging the public from purchasing cryptocurrencies, Warren Buffet recently included Ripple in his diversified portfolio.
The Central Bank of Brazil announced Warren Buffet’s investment of $500 million through Berkshire Hathaway. Because of Buffet’s avid affection for financial institutions, he expressed his optimism of Ripple being the medium of easier transactions between banks.
Most of the banks acquired by Warren Buffet also expressed their intentions of joining RippleNet to make transactions easier. Thus, although he expressed his hesitancy in most cryptocurrencies, he primarily invested in XRP as a means of supporting the financial institutions in his portfolio.
While Bank of America admitted the threat cryptocurrencies possess in its business model, other institutions are experimenting with Ripple to reinvent more convenient transaction models.
While Bank of America admitted the threat cryptocurrencies possess in its business model, other institutions are experimenting with Ripple to reinvent more convenient transaction models.
Consequently, over 100 financial institutions expressed eagerness to include RippleNet in business transactions. Because of the rising demand for RippleNet, Warren Buffet expressed his intentions to invest in cryptocurrency for its potential to revolutionize the financial industry.
Aside from the Central Bank of Brazil, the Bank of New York Mellon also expressed their intentions of using RipppleNet to “reinvent payments.” BNY Mellon also stated that RippleNet’s inter ledger protocol could be a new standard for technology and financial institutions.
These subsequent events also shed light on why Warren Buffet diminished his claims against cryptocurrencies. Although Warren Buffet considers cryptocurrency as a non-producing asset, the rising demand in XRP could also increase the gains from the financial institution he invests in religiously.
As soon as Ripple resolves the tension between the US SEC, more financial institutions could start using RippleNet too.
