Crypto Biz: Step aside, Warren Buffett; stablecoin issuers hold more US debt than Berkshire Hathaway
Warren Buffett raised eyebrows this week when his firm, Berkshire Hathaway, 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 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.
Warren Buffett’s Berkshire Hathaway holds a massive amount of short-term U.S. debt. Well, stablecoin issuers hold more. According to data from JPMorgan, stablecoin issuers Tether, Circle and others hold $80 billion worth of short-term Treasury bills, compared with $74 billion for Berkshire Hathaway. These vast sums collect interest from the U.S. government, allowing holders to earn a passive income. If you’re surprised by this development, don’t be — stablecoins are a force to be reckoned with and are paving the way for mass crypto adoption.
Nike, Adidas, Gucci, Dolce & Gabbana, and Tiffany & Co. — these companies have found real value and utility in nonfungible tokens (NFTs). Industry data revealed this week that these companies generated a combined $260 million in NFT sales. Nike’s revenue from NFTs amounted to a whopping $185.3 million, with
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