Buffett's Billion-Dollar Bet on Brazil's Crypto-Friendly Fintech Pays Off Despite His Own Cryptocurrency Skepticism
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Warren Buffett invested $750M in Nubank, a fintech company with crypto services, through Berkshire Hathaway in 2021. His stake is now worth over $1B.
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Nubank offers crypto trading, a Bitcoin ETF product, and a loyalty token on Polygon to over 1.35M customers.
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Buffett has criticized cryptocurrencies, saying they have no value and he would not buy them. At 2022 meeting, he said he'd buy farmland over crypto.
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In May 2022, he called cryptocurrencies "rat poison squared" and said they have no value or production.
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Despite his crypto skepticism, Buffett's Nubank investment has earned $250M+ in paper profits so far as its share price surged over 100%.