Berkshire invests $1 billion in Latin American fintech disrupter with booming crypto platform, despite Buffett's Bitcoin skepticism
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Warren Buffett dislikes Bitcoin but Berkshire Hathaway has invested $1 billion in Nu Holdings, a company profiting from crypto.
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Nu Holdings started as Nubank, a digital bank in Latin America offering low-cost financial products. It now has over 90 million customers.
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Nubank launched a crypto trading platform called Nucrypto that has over 1 million active users. It offers Bitcoin, Ethereum, and other cryptos.
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With its first-mover digital banking advantage, Nubank has a wide economic moat against competitors. Crypto trading is just one growth driver among many.
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Berkshire likely invested because Nubank resembles Buffett's classic value stocks - experienced founder, economic moat, huge growth runway.