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Chinese $4 Billion Investment Firm Partner Holds Bitcoin, Explains Why Warren Buffett Does Not Buy BTC

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Wed, 06/16/2021 - 10:52
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Yuri Molchan
Managing partner at $4 billion Chinese asset manager has been holding BTC since 2015 and believes it is much better than gold
Chinese $4 Billion Investment Firm Partner Holds Bitcoin, Explains Why Warren Buffett Does Not Buy BTC
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Twitter account of the 8BTC Chinese news outlet has shared that Andrew Y. Yan from SAIF Partners (which has over $4 billion in asset management) has been holding Bitcoin for six years now.

He has also shared a few tips about the flagship cryptocurrency, in particular claiming to know why Warren Buffett remains anti-Bitcoin.

Here’s why Buffett does not buy BTC

Andrew Y. Yan is a managing partner at SAIF Partners. The company holds almost 6 billion yuan ($937,895,400) and $4 billion of investor funds.

According to 8BTC News, he has been buying Bitcoin since 2015 and holding it tight. He reckons that BTC is worth way more than gold.

However, he pointed out that Bitcoin is “only for the rich and knowledgeable”.

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Image via Twitter

As for the prominent investor Warren Buffett (head of the Berkshire Hathaway fund), who hates the world’s biggest cryptocurrency (as well as the rest of crypto too) and believes it to be “rat poison squared”, Yan said that he does not understand Bitcoin and this is why Buffett does not buy it.

Yan also emphasized that he does not advocate or encourage other people to hype up this industry. As per the tweet, he stated that Bitcoin “requires people of faith to participate in”.

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Whales Now Hold 48.7% of Total Bitcoin Supply After Buying 90,000 BTC Recently: Report

Buffett’s fund invests into a bank that offers Bitcoin ETF

As covered by U.Today previously, Warren Buffett’s Berkshire Hathaway had invested a gaping $500 million into Brazil-based digital bank Nubank.

This bank has recently acquired Easynvest, a brokerage company that intends to start offering their customers to invest in Bitcoin ETF.

This news caused a mixed reaction in the crypto community. Some stated that Buffett is only pretending to hate BTC, others are hoping that the legendary investor is gradually changing his take on the “rat poison squared”.

However, Buffett keeps saying in the media that cryptocurrencies and Bitcoin in particular have no value.

Does Buffett still own Justin Sun’s BTC and TRX?

Tron CEO, Justin Sun, who had lunch with Buffett in early 2020, tweeted that he gave Buffett a smartphone whose wallet contained some amount of TRX and BTC.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.