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Here’s Why Warren Buffett is Already Invested in Ripple (XRP)
Warren Buffett was at it again this week touting his disdain for the cryptocurrency market. Having famously warned of the markets impending “bad ending” some months ago, the investment guru is back in the headlines slamming none other than Bitcoin (BTC). Pulling his punches from the entire crypto-scene and focusing on Bitcoin (BTC) may just mask the fact that, indirectly at least, Warren Buffet is already invested in the tech behind the most famous of altcoins, Ripple (XPR).
While Mr. Buffett scoffs at the list of overvalued companies representing the majority of cryptocurrencies, his words against Bitcoin (BTC) this week speak volumes to his investment strategy. In an interview with Yahoo Finance, Buffett remarked, “If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything, you’re just hoping the next guy pays more.” And while he openly admits he doesn’t really know much about the various budding blockchain technologies, he has mentioned in the past that he would buy five year puts on every one of the cryptocurrencies. However, when taking in the investment strategies of the Oracle of Omaha, a closer look reveals that this ‘buy and hold’ strategist has a number of positions that seem to contradict his opinions concerning the altcoin scene.
Warren Buffett is invested directly in a number of financial institutions. From Bank of America to Wells Fargo, these long-term holds make up a sizable portion of the latest traded stocks in his portfolio. And while Bank of America may have recently admitted that cryptocurrencies represent a threat to their business model (amazing considering these coins don’t produce anything /sarc) others on his list are experimenting with crypto-systems as a way of reinventing payments.
Examples of financial institutions using blockchain technology, and specifically Ripple (XRP), to facilitate cross-border transactions should not be news to anyone anymore. Ripple (XRP) is in use by over 100 of these institutions in an ever-growing list of users and partnerships. And as these experiments take hold, revolutionizing payment systems across the globe, the solid product that Ripple (XRP) represents seems to fly in the face of old Buffett’s stark warnings.
One such example lies with the Bank of New York, Mellon (BNY Mellon). In a recent report, this institution (of which Buffett is or has been directly invested in) expresses optimism in distributed ledger technology. Seeking to ‘reinvent payments,’ BNY Mellon sees potential in using blockchain technology to deliver a global payment experience within the decade. And the Bank of New York doesn’t stop there, indeed they call out Ripple (XRP) and their interledger protocol as a potential standard in the technology.
So as Warren Buffett narrows his attacks from the cryptocurrency market as-a-whole to Bitcoin (BTC) specifically, it may be that he is realizing that without needing to invest in any specific coin company, the market itself, and namely Ripple (XRP), may be boosting the shares of his direct stock picks in the banking industry.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of DonkeyHotey via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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