Crypto Biz: Step aside, Warren Buffett; stablecoin issuers hold more US debt than Berkshire Hathaway
Cointelegraph
Published Aug 26, 2022 02:30PM ET
Updated Aug 27, 2022 08:40AM ET
Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway (NYSE:BRKa), upped its exposure to United States Treasury bills. If you’re one of the few remaining bulls out there, Buffett’s flight to safety is concerning because it signals that the Oracle (NYSE:ORCL) of Omaha would rather get a 3% yield instead of playing the stock market. If equities go belly-up in the fall, as I’ve been predicting for months, expect Bitcoin (BTC) to follow.
Looking at the numbers, Berkshire’s T-bill exposure grew to $75 billion at the end of June, up from $58.5 billion at the beginning of 2022. But, even with the 28% spike, Berkshire doesn’t hold as many T-bill investments as the leading stablecoin issuers. Stablecoins presently command a market capitalization of $153 billion, and a large percentage of their backing comes from T-bills. This is just another reminder that stablecoins are serious business.
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Written By: Cointelegraph
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