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Warren Buffett Cash Pile Rises to $130.6 Billion – a Potential Signal for Crypto Market Correction?

Press Releases Crypto News BeInCrypto Warren Buffett Cash Pile Rises to $130.6 Billion – a Potential Signal for Crypto Market Correction?

The Oracle of Omaha, whose opinion many regards as an economic health barometer, suggests that businesses’ performance could decline, leading to a short-term stock decrease. This decline could spur a crypto price correction because of the Nasdaq’s correlation with cryptos.

Speaking at a Berkshire Hathaway shareholder meeting in Nebraska, Buffet said many firms would report lower earnings caused by discounts after their COVID-19 inventory build-up.

Oracle of Omaha Predicts Lower Earnings After Dumping $13 Billion in Stocks

The Oracle of Omaha surmised:

“In the general economy, the feedback we get is that, I would say, perhaps the majority of our businesses will actually report lower earnings this year than last year.”

Apple Inc. saw declines in iPad, Mac, and wearables revenue in Q2, despite iPhone revenue growing 2% year-over-year. The iPhone maker comprises almost half of the Berkshire empire’s stock portfolio.

Services, Apple’s second-largest segment after the iPhone, experienced a third straight quarter of mid-single-digit growth. As a result, Apple’s total revenue declined 3% annually, marking two consecutive quarters of revenue decline.

Q1 profits of Berkshire investment Chevron Corp were down 40% from quarterly profits last year. Analysts expect quarterly earnings of Occidental Petroleum to fall 38% to $1.30 per share when it reports earnings later Tuesday.

Berkshire increased its stake in the firm earlier this year.

Berkshire Hathaway is sitting on $130.6 billion in cash after selling $13.3 billion in shares in Q1. It repurchased some of i

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Author: David Thomas

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