For over a decade, Warren Buffett has stood as one of the most vocal critics of Bitcoin and cryptocurrency. From calling it a "mirage" to labeling it "rat poison squared," the legendary investor has consistently dismissed digital assets as speculative instruments with no intrinsic value. Yet, recent developments suggest a fascinating contradiction: while Buffett personally shuns Bitcoin, his investment firm, Berkshire Hathaway, is quietly benefiting from the crypto ecosystem through its stake in Nu Holdings, a fast-growing Brazilian digital bank.
This evolving scenario highlights a nuanced shift—not in Buffett’s public stance, but in how his investment strategy indirectly embraces blockchain innovation. Let’s explore how a company rooted in traditional finance is now enabling crypto adoption, and why Berkshire’s financial gains may signal a broader reconciliation between legacy investing and the digital asset economy.
The Nu Holdings Advantage: A Digital Bank with Crypto Ambitions
Nu Holdings, commonly known as Nubank, is Latin America’s largest digital bank, serving over 90 million customers across Brazil, Mexico, and Colombia. While it began as a challenger bank offering credit cards and banking services without physical branches, Nubank has steadily expanded into financial technology innovation—including cryptocurrency.
In 2022, the company launched Nubank Cripto, its dedicated crypto platform. Initially supporting Bitcoin, Ethereum, and Polygon, the service has since added major tokens like Uniswap and Chainlink. Users can now buy, sell, send, receive, and convert digital assets directly within the Nubank app—making crypto accessible to millions of everyday consumers in emerging markets.
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What makes this significant is not just the product itself, but who’s backing it. Berkshire Hathaway first invested $500 million in Nu Holdings during its 2021 Series G funding round, followed by an additional $250 million. According to U.S. Securities and Exchange Commission (SEC) filings, Berkshire’s ownership stake grew from 0.1% at the end of 2022 to 0.4% by Q3 of fiscal 2024—representing more than 86 million shares worth nearly $1.2 billion at current valuations.
Despite Buffett’s long-standing skepticism, his company is now financially aligned with a firm actively promoting crypto adoption.
Buffett vs. Bitcoin: A Decade of Public Skepticism
To understand the irony, we must revisit Buffett’s well-documented war of words against cryptocurrency:
- 2013: “No plans to get involved with Bitcoin.”
- 2014: Called Bitcoin a “mirage.”
- 2017: Described it as a “bubble” that “won’t produce anything.”
- 2018: Predicted crypto would “end badly,” dubbing Bitcoin “rat poison.”
- 2019: Said Bitcoin attracts “charlatans” and compared it to gambling.
- 2020: After dining with TRON founder Justin Sun, he quipped, “I’m sure my grandchildren would rather inherit my dollars.”
- 2023: Reiterated on CNBC that Bitcoin is a “gambling token” with no inherent value.
- 2024: At Berkshire’s annual meeting, he firmly stated he’d never buy Bitcoin and sees no utility in it.
Buffett’s philosophy centers on productive assets—stocks, bonds, businesses that generate cash flow. Cryptocurrencies, in his view, don’t meet that standard. They don’t pay dividends, build factories, or deliver services. To him, they’re pure speculation.
Yet Nu Holdings—while not a crypto-native firm—is building infrastructure that enables speculation, investment, and financial inclusion in digital assets. And Berkshire profits every time Nubank expands its user base or introduces new fintech features.
The Paradox of Indirect Exposure
So how do we reconcile Buffett’s words with Berkshire’s actions?
The answer lies in indirect exposure. Berkshire isn’t buying Bitcoin. It’s investing in a scalable financial platform that serves real customer needs—and happens to include crypto as one of many services.
This approach mirrors how many traditional investors are entering the digital asset space: not by holding volatile tokens, but by backing companies that provide access to them. Think of it like investing in pickaxes during a gold rush.
Nu Holdings’ growth story is compelling:
- Revenue grew over 40% year-over-year in 2024.
- Net profit margins have improved due to low-cost digital operations.
- Customer acquisition costs remain below industry average.
- Stock price up nearly 34% year-to-date, outperforming many U.S.-based fintechs.
As more users adopt Nubank Cripto, the platform strengthens Nu’s ecosystem—and by extension, increases shareholder value for Berkshire.
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Core Keywords Integration
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These keywords naturally appear in context—reflecting real user interest in the intersection of traditional finance and blockchain innovation—without compromising readability or sounding forced.
Frequently Asked Questions (FAQ)
Q: Has Warren Buffett ever invested in Bitcoin?
A: No, Warren Buffett has never invested in Bitcoin personally or through Berkshire Hathaway. He has repeatedly criticized it as having no intrinsic value and prefers productive assets like stocks and businesses.
Q: Does Berkshire Hathaway own any cryptocurrency?
A: There is no evidence that Berkshire directly holds any cryptocurrency. However, its significant investment in Nu Holdings gives it indirect exposure to crypto through Nubank’s crypto trading platform.
Q: Why is Nu Holdings important in the crypto space?
A: While not a blockchain company itself, Nu Holdings operates Nubank Cripto—one of the most accessible crypto platforms in Latin America. Its massive user base allows mainstream consumers to enter the crypto market easily, accelerating adoption.
Q: Can you profit from crypto without owning it?
A: Yes. Investors can gain indirect exposure by investing in companies that offer crypto services—like payment processors, exchanges, or banks such as Nu Holdings—rather than holding volatile digital tokens directly.
Q: Is Buffett changing his mind about cryptocurrency?
A: Not publicly. As of 2025, Buffett maintains his stance that crypto lacks productive value. However, Berkshire’s investment choices suggest a pragmatic acceptance of its role in modern financial ecosystems.
Q: How does Nubank Cripto work?
A: Nubank Cripto allows users to buy, sell, send, receive, and convert cryptocurrencies like Bitcoin and Ethereum directly within the Nubank app. It integrates seamlessly with existing accounts, making crypto accessible to non-technical users.
Final Thoughts: Principles vs. Progress
Warren Buffett may never embrace Bitcoin as an investment. His principles are clear: invest in what you understand, favor cash-flow-generating businesses, and avoid speculation.
But the world is changing—and so are financial ecosystems. By backing Nu Holdings, Berkshire Hathaway isn’t endorsing Bitcoin; it’s betting on financial inclusion, technological innovation, and scalable business models in emerging markets.
And in doing so, Buffett’s empire benefits from the very industry he once dismissed.
The lesson? In finance, convictions matter—but so does evolution. Even the most steadfast critics can find themselves on the winning side of disruption.
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