Warren Buffett Hates Bitcoin — But This Money Manager Following His Strategy Turned $1 Billion Into $6 Billion Betting On It – 'I Just Love Bitcoin'

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Warren Buffett has long warned investors about the risks of Bitcoin, calling it "rat poison" in 2018 and saying his firm would "never" invest in cryptocurrencies. However, not all of his followers share his view on crypto.

Mark Casey, a portfolio manager at Capital Group, takes guidance from Warren Buffett's principles for his investing decisions, he said on a16z Capital Management's "In The Vault" podcast last year. Casey has spent 25 years at Capital Group, one of the oldest investment firms, which manages about $3 trillion.

"My approach is very informed by Warren Buffett and his great letters to shareholders, which I read all of," Casey said on the podcast. "I kind of taught myself investing that way before I joined Capital Group. And he talks about Ben Graham, the inventor of value investing."

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However, when it comes to Bitcoin, Casey is a supporter and actively invests in the digital currency. His firm turned $1 billion into $6 billion by investing in Strategy Inc. (NASDAQ:MSTR) and other companies holding Bitcoin on their balance sheets, according to The Wall Street Journal.

Earlier this year, Capital Group became the largest shareholder of Metaplanet, Japan's leading bitcoin treasury company, with a $500 million stake.

Casey said during the a16z podcast that when he talks to equity investors who read Buffett's letters, they don't invest in Bitcoin, but he is "glad" to be among the people who do.

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"I just love Bitcoin," he said. "I think it is so interesting. I think Bitcoin's one of the coolest things that's ever been created by people. And so, as an equity portfolio manager, there are not too many ways to be involved in Bitcoin in your portfolios, but I have one and I'm looking for others."

However, Casey at the time predicted a bleak future for altcoins, citing potential regulatory and technical headwinds.

"No offense to anybody here if you're involved in the altcoins, but I don't think any of the altcoins are really going to work long term," he said.

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This article Warren Buffett Hates Bitcoin — But This Money Manager Following His Strategy Turned $1 Billion Into $6 Billion Betting On It – 'I Just Love Bitcoin' originally appeared on Benzinga.com