Nonagenarian Billionaire Warren Buffett Increases Investment in Ripple Partner Company

Warren Buffet, the legendary value investor and cryptocurrency critic plans to invest in more Japanese companies including top Ripple partner Sumitomo Corporation.

In a Tuesday interview with Nikkei, the 92-year-old investor disclosed that his company Berkshire Hathaway intends to increase its stake in Japanese stocks. According to him, he is “very proud” of his holdings in the nation’s leading trading groups including Itochu, Mitsubishi Corp., Mitsui & Co., Sumitomo Corp. and Marubeni. 

As per the interview, the 5% of Sumitomo Corp acquired in August by Buffet’s Berkshire Hathaway and the subsequent stake increase in November turned out profitable. Hence, his plans to increase his stakes despite Sumitomo Corp being closely affiliated with crypto which he described as a rat poison squared, which will end badly. 

A notable XRP proponent, Sentosumosaba also took to Twitter today to confirm Buffett’s company’s intent on taking their stakes further higher in Sumitomo Corp despite the company’s ties with the enterprise blockchain firm Ripple and the sixth-largest crypto, XRP. As implied by her, this could send some extra positivity towards XRP which is already performing outstandingly in the crypto market. 

She wrote, “Buffet is back buying more Japanese financial stocks. 1 of the 5 companies is Sumitomo Corporation. This hits close to home for XRP Holders, with Sumitomo Corp financial arm = Sumitomo Mitsui Financial Group, which owns approx 9.9% of SBI Holdings, (largest outside shareholder of Ripple and XRP ODL user/advocate), 14% of R3 Japan, and sizable investment in Ripplenet MoneyTap app.”

It bears mentioning that Sumitomo is hugely affiliated with Ripple which is presently in a court battle with the SEC over the categorization of XRP. In particular, Sumitomo Mitsui Banking Corporation (SMBC), the financial arm of the trading group, is a member of SBI Ripple Asia’s Consortium of Banks. 

Notably, the company invested an undisclosed amount in Ripple’s MoneyTap application in 2020. Last June, Reuters reported that the Japan-based Sumitomo Mitsui Financial Group (SMFG) Inc took a 9.9% stake in online financial company SBI Holdings Inc in a deal worth more than $580 million at the time. 

It is, therefore, interesting to know that the renowned crypto critic who had called the US government to ban Bitcoin (BTC) is sticking to a company that has close ties with a leading blockchain company and crypto project.

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