Warren Buffett, long known as one of the most vocal critics of Bitcoin and digital assets, may be benefiting from the very industry he has spent over a decade denouncing. Recent reports reveal that Berkshire Hathaway—the investment conglomerate led by Buffett—has significantly profited from its stake in Nu Holdings, a Brazilian digital banking platform that actively supports cryptocurrency trading.
While Buffett continues to publicly dismiss Bitcoin as a speculative instrument with no intrinsic value, his firm’s strategic investment in a fintech company deeply integrated with crypto markets highlights a nuanced shift in indirect exposure to digital assets.
A Decade of Skepticism Toward Bitcoin
Buffett's opposition to Bitcoin is well-documented and spans more than ten years. As early as 2013, he stated he had “no plans to transition to Bitcoin,” setting the tone for what would become a consistent narrative.
Over the years, his criticism intensified:
- 2014: Called Bitcoin a "mirage."
- 2017: Labeled it a “bubble” that doesn’t generate value.
- 2018: Famously declared crypto would end in “tears” and referred to Bitcoin as “rat poison squared.”
- 2019: Described it as a “gambling device” and compared it to seashells—useful only if others believe in their worth.
- 2020: After dining with TRON founder Justin Sun, Buffett reiterated that he sees no value in Bitcoin, quipping that his grandchildren would prefer inheriting U.S. dollars.
- 2023: Referred to Bitcoin as a “gambling token” during a CNBC interview, emphasizing its lack of productive output.
- 2024: At Berkshire’s annual shareholder meeting, Buffett reaffirmed his stance, stating he would never buy Bitcoin and views it as fundamentally worthless.
Despite this unwavering public sentiment, Berkshire Hathaway’s investment portfolio tells a different story—one of quiet engagement with the crypto ecosystem through adjacent innovation.
Nu Holdings: The Bridge Between Traditional Finance and Crypto
Nu Holdings (NYSE: NU) is a São Paulo-based neobank that has rapidly expanded across Latin America, offering fee-free banking, credit cards, and financial services via a mobile-first model. But beyond traditional banking, Nu has made deliberate moves into the cryptocurrency space.
In 2022, Nu launched Nubank Cripto, its integrated crypto trading platform. Initially supporting Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC), the service now includes major tokens like Uniswap (UNI) and Chainlink (LINK). Users can seamlessly buy, sell, send, and convert digital assets within the same app used for everyday banking.
This integration positions Nu not just as a digital bank but as a gateway to decentralized finance for millions of unbanked and underbanked individuals in emerging markets.
Berkshire Hathaway first invested $500 million in Nu during its Series G funding round in 2021, followed by an additional $250 million. According to U.S. Securities and Exchange Commission (SEC) filings, Berkshire increased its ownership stake from 0.1% at the end of 2022 to 0.4% by Q3 of fiscal year 2024. That translates to over 86 million shares, valued at nearly $1.2 billion as of late 2024.
During the same period, Nu Holdings’ stock price surged approximately 34% year-over-year, amplifying returns for early institutional investors like Berkshire.
👉 See how next-generation financial platforms are blending crypto with real-world banking services.
The Paradox of Principle vs. Practice
The irony is unmistakable: Buffett continues to reject Bitcoin on philosophical grounds, calling it non-productive and devoid of cash flow. Yet, his company profits from a firm enabling mass adoption of the very assets he condemns.
However, this isn’t hypocrisy—it’s strategy.
Berkshire’s investment in Nu Holdings aligns with its long-standing preference for consumer-centric financial businesses with strong unit economics and scalable models. Nu fits this mold perfectly: it serves over 90 million customers across Brazil, Mexico, and Colombia, leveraging technology to reduce costs and increase accessibility.
Crypto functionality enhances user engagement and retention, making Nu more than just a bank—it becomes a full-fledged financial ecosystem.
In essence, Berkshire isn’t investing in Bitcoin directly; it’s backing a company that empowers others to do so safely and efficiently. This allows Buffett to maintain his anti-crypto rhetoric while still capitalizing on rising demand.
Core Keywords Driving Market Interest
Understanding this shift requires identifying key themes shaping investor behavior:
- Bitcoin skepticism
- Cryptocurrency adoption
- Digital banking innovation
- Fintech investing
- Neobank growth
- Crypto regulation
- Passive crypto exposure
- Emerging market finance
These keywords reflect both search trends and macroeconomic shifts. As digital wallets replace physical ones and younger generations favor decentralized tools, traditional investors are seeking compliant, regulated pathways into the space—exactly what Nu Holdings provides.
Frequently Asked Questions (FAQ)
Q: Has Warren Buffett ever invested directly in Bitcoin?
A: No. Buffett has repeatedly stated he will never buy Bitcoin or any cryptocurrency directly, citing lack of intrinsic value and high speculation.
Q: Does Nu Holdings allow direct crypto withdrawals?
A: Currently, users can trade and hold cryptocurrencies within the Nubank Cripto platform but cannot withdraw private keys or transfer assets to external wallets.
Q: Why is Berkshire investing in a crypto-friendly bank if Buffett dislikes digital assets?
A: Because Nu Holdings is primarily a high-growth digital bank. Its crypto features enhance customer value without requiring Berkshire to endorse or hold digital currencies.
Q: Is Nu Holdings considered a crypto company?
A: Not entirely. While it offers crypto trading, Nu is classified as a fintech or neobank with diversified financial services. Its core revenue comes from lending and interchange fees.
Q: How does Nu make money from crypto services?
A: Through spreads on trades and transaction fees when users buy or sell digital assets—similar to how traditional brokerages earn from stock trades.
Q: Could Buffett change his view on Bitcoin in the future?
A: While unlikely given his age and investment philosophy, market evolution could lead Berkshire to further embrace crypto-adjacent innovations—even if symbolic resistance remains.
Final Thoughts: Evolution Without Endorsement
Warren Buffett may never call Bitcoin an investment worthy of his portfolio. But through strategic stakes in forward-thinking financial institutions like Nu Holdings, Berkshire Hathaway is reaping the rewards of digital transformation—without having to say “I told you so.”
The lesson here isn’t about contradiction; it’s about adaptation. In a world where finance is becoming increasingly borderless and digital, even the staunchest skeptics can benefit from progress—so long as they invest in the right enablers.
As crypto adoption grows across Latin America and beyond, companies like Nu Holdings will continue bridging the gap between legacy finance and decentralized innovation. And whether Buffett admits it or not, his investments are already part of that future.