Buffett Made $250 Million in Profits From Crypto-Related Fintech Firm Nu Holdings.

Despite his known skepticism towards cryptocurrencies, #WarrenBuffett has made significant profits from his investment in #Nubank , a leading South American fintech firm that offers a range of crypto services. These services include trading platforms for Bitcoin and Ethereum, a Bitcoin ETF product, and a Nubank loyalty token on the Polygon blockchain. The firm serves more than 1.35 million customers in Brazil, Colombia and Mexico.

In 2021, Buffett's Berkshire Hathaway invested $750 million in Nu Bank's parent company, Nu Holdings, purchasing 107 million shares. Since then, Nu's share price has risen 106%, leading to an estimated $250 million in profits for Buffett. This investment represents approximately 0.1015% of Berkshire Hathaway's $767 billion market capitalization as of November 2, 2023.

Buffett's stance on cryptocurrencies remains skeptical. In an interview on CNBC's Squawk Box in May 2022, he stated that cryptocurrencies "basically have no value and produce nothing." Despite this view, its lucrative venture with Nu Holdings underscores the expanding influence and acceptance of fintech firms and cryptocurrencies in the global financial landscape.

Buffett's criticisms of cryptocurrencies were highlighted during the same #CNBC interview when he refused to buy all of Bitcoin even if it was offered for $25. But his investment in Nu Holdings, backed by Kevin O'Leary, has proven profitable. This reflects changing dynamics in traditional finance and the rise of fintech firms and cryptocurrencies.
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