Brazil: Warren Buffett’s Nubank allows withdrawals of Bitcoin, Ethereum, and Solana

Nubank, the largest digital bank in Brazil, with billionaire Warren Buffett as its investor, has informed its customers that they will be able to withdraw Bitcoin, Ethereum, and Solana. 

Brazil: Nubank by Warren Buffett and withdrawals of Bitcoin, Ethereum, and Solana through the app

Nubank, the famous digital bank from Brazil that has caught the attention of Warren Buffett, has informed its customers that they will be able to withdraw Bitcoin, Ethereum, and Solana through its app.

“JUST ARRIVED: The largest Brazilian digital bank, Nubank, now allows customers to withdraw their #Bitcoin.”

As highlighted by the tweet from Bitcoin Magazine, the announcement states that the Nubank app will gradually introduce to its customers the new “Send” or “Receive” crypto option.

This new option represents the support for deposits and withdrawals that the Brazilian banking app is integrating, prioritizing the three main cryptos of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). 

For the future, Nubank also plans to extend this option to other cryptocurrencies. 

Nubank: the crypto bank that has conquered Warren Buffett but criticizes Bitcoin

Despite Warren Buffett’s always very skeptical and critical position towards cryptocurrencies, the billionaire reportedly chose to invest in Nubank in June 2021. 

And indeed, through his Berkshire Hathaway, Buffett initially invested a whopping 500 million dollars in the Brazilian digital bank, which was already interested in offering Bitcoin ETFs at the time.

Not only that, even in February 2022, Buffett would have invested again in Nubank. This strategic investment move was seen by Greg Weisman, co-founder and COO of Mercuryo, as Buffett’s way of supporting crypto without retracting his past criticisms.

And indeed, just last year April 2023, Buffett entered the field criticizing crypto again, stating that Bitcoin is a token for bets and has no intrinsic value. In this regard, Buffett compared crypto investments to playing roulette.

The price of BTC

Meanwhile, Bitcoin seems to be gaining ground, with the price pumping up by +4% in the last seven days. 

At the time of writing, BTC is worth $66,761, still far away from its last ATH – All-Time High recorded on March 13, 2024, above $73,000. 

Yet, clearly recovering after hitting the monthly low that saw BTC drop to $60,000 on April 17th. 

The petition to have Bitcoin as the monetary reserve of the Swiss National Bank

Staying in the banking sector, recently, a Swiss popular initiative led by Yves Bennaim proposes to include Bitcoin as a monetary reserve of the Swiss National Bank.

Basically, if the petition reaches the required signatures, it could be presented in Parliament which, if approved, would present it as a referendum with popular vote. 

Specifically, what this initiative signed by Bennaim requires is to change article 99 of the Constitution, adding “and Bitcoin” to the following wording:

“THE NATIONAL BANK MAINTAINS SUFFICIENT MONETARY RESERVES BY DRAWING ON ITS PROFITS; PART OF THESE RESERVES IS IN GOLD”.