Yale’s ‘Warren Buffett’ places big bets on cryptocurrency funds
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David Swensen, the man dubbed as Yale University’s “Warren Buffett” for his investing chops in turning around the university’s endowment into a $29 billion fund, is now reportedly going big on cryptocurrency.
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According to both Bloomberg and CNBC, Swensen, who is the chief investment officer at the prestigious school, has invested in two venture funds dedicated to cryptocurrencies.
Sources told CNBC that Swensen’s team has invested in Andreessen Horowitz’s inaugural $300 million crypto fund, which closed in June, as well as Paradigm, a new blockchain and crypto fund founded by Coinbase co-founder Fred Ehrsam and former Sequoia Capital partner Matt Huang.
Swensen nor Yale University responded to FOX Business’ request for comment on the report.
The move comes as other top financial bigwigs have been openly skeptical of digital currencies.
Buffett, the CEO of Berkshire Hathaway, has been very vocal about not being a fan of the technology, and his business partner, Charlie Munger, has referred to bitcoin as “rat poison.” This summer, JPMorgan Chase CEO Jaime Dimon, who has been wishy-washing about his stance, said he thinks cryptocurrency is a “scam” and he has “no interest in it.”
But earlier this month, as reported by FOX Business, JPMorgan has recruited more than 75 banks globally to test a blockchain-based payment project it launched in 2017.
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