For over a decade, Warren Buffett has been one of the most vocal critics of Bitcoin and cryptocurrency. From calling it a “mirage” to “rat poison squared,” the legendary investor has consistently dismissed digital assets as speculative, valueless, and fundamentally flawed. Yet recent developments suggest a quiet but significant shift — not in Buffett’s words, but in his actions.
Through Berkshire Hathaway’s strategic investment in Nu Holdings, a fast-growing Brazilian digital bank, Buffett is now indirectly reaping the benefits of the very crypto ecosystem he once condemned. This paradox raises a compelling question: Is Buffett walking back his stance on crypto — or simply proving that even the harshest critics can benefit from innovation?
The Nu Holdings Connection: A Crypto-Forward Fintech Giant
Nu Holdings, the parent company of Brazil’s leading neobank Nubank, has emerged as a major player in Latin American fintech. Founded in 2013, Nubank offers mobile-first banking services to millions of underbanked consumers across Brazil, Mexico, and Colombia.
But what sets Nu Holdings apart is its proactive embrace of cryptocurrency. In 2022, the company launched Nubank Cripto, a user-friendly platform that allows customers to buy, sell, send, and convert major digital assets including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Polygon (MATIC)
- Uniswap (UNI)
- Chainlink (LINK)
This integration positions Nu Holdings at the intersection of traditional finance and decentralized technology — a bridge that Buffett’s investment indirectly supports.
Berkshire’s Growing Stake in the Future of Finance
While Buffett publicly maintains his skepticism toward crypto, Berkshire Hathaway’s investment decisions tell a different story.
According to U.S. Securities and Exchange Commission (SEC) filings:
- Berkshire first invested $500 million in Nu Holdings during its 2021 Series G funding round.
- Follow-up investments totaled an additional $250 million.
- By Q3 of fiscal 2024, Berkshire’s ownership stake had grown from 0.1% in late 2022 to 0.4%.
- The firm now holds over 86 million shares of Nu Holdings, valued at nearly $1.2 billion.
This upward trajectory reflects not just confidence in Nu’s business model, but also an implicit endorsement of its crypto-enabled financial ecosystem. Despite Buffett’s repeated claims that Bitcoin “doesn’t produce anything,” his company is profiting from a platform that makes crypto accessible to tens of millions.
Buffett vs. Bitcoin: A Timeline of Skepticism
To understand the irony, it helps to revisit Buffett’s long-standing criticism of digital currencies:
| Year | Buffett Quote |
|---|---|
| 2014 | “Bitcoin is a mirage.” |
| 2017 | “It’s a bubble.” |
| 2018 | “Crypto will end badly.” |
| 2018 | “Bitcoin is rat poison squared.” |
| 2019 | “It’s a delusion that attracts scammers.” |
| 2020 | “I’d rather leave my grandchildren U.S. dollars.” |
| 2023 | “Bitcoin is a gambling token with no intrinsic value.” |
| 2024 | “We will never buy Bitcoin. It’s not productive.” |
Yet Berkshire’s investment in Nu Holdings — a company actively promoting crypto adoption — suggests a nuanced reality: while Buffett may not hold Bitcoin directly, he recognizes the value of platforms enabling its growth.
Why Nu Holdings Matters in the Crypto Economy
Nu Holdings isn’t just another bank dipping its toes into crypto — it’s building infrastructure for mass adoption.
Key Advantages:
- Massive user base: Over 90 million customers across Latin America.
- Low barriers to entry: Users can start investing in crypto with as little as $1.
- Seamless integration: Crypto features are embedded within the main Nubank app — no separate wallets or exchanges needed.
- Financial inclusion: Reaching populations historically excluded from traditional banking and investment tools.
By making crypto accessible and intuitive, Nu is accelerating mainstream adoption in one of the world’s most dynamic emerging markets.
👉 See how accessible crypto platforms are driving financial inclusion worldwide.
The Contradiction Explained: Principle vs. Profit
So how do we reconcile Buffett’s words with Berkshire’s actions?
The answer lies in Buffett’s core investment philosophy: invest in businesses, not assets.
While he rejects Bitcoin as a non-productive asset, he has long supported companies that provide valuable services — even if those services involve controversial products. Just as Berkshire owns stock in credit card companies (which enable gambling transactions), it can now profit from a bank that enables crypto trading.
In essence, Buffett isn’t betting on Bitcoin — he’s betting on financial innovation, customer demand, and scalable fintech platforms.
FAQ: Addressing Common Questions
Q: Has Warren Buffett changed his mind about Bitcoin?
A: Not publicly. Buffett continues to call Bitcoin a speculative asset with no intrinsic value. However, his investment in Nu Holdings shows he recognizes the growing importance of crypto-friendly financial platforms.
Q: Does Nu Holdings directly invest in Bitcoin?
A: No. Nu Holdings operates Nubank Cripto as a service for customers but does not hold significant crypto assets on its balance sheet. It earns revenue through transaction fees and spreads.
Q: Is Berkshire Hathaway investing more in crypto-related companies?
A: As of 2025, Nu Holdings remains Berkshire’s most significant indirect exposure to crypto. There is no evidence of direct investments in blockchain or crypto firms beyond this stake.
Q: How does Nu Holdings make money from crypto?
A: Through small transaction fees when users buy or sell digital assets, as well as spread margins. The service increases customer engagement and strengthens Nubank’s position as a full-service financial platform.
Q: Could Buffett eventually invest in Bitcoin directly?
A: Unlikely. His philosophy emphasizes productive assets like stocks, real estate, and businesses. Bitcoin’s lack of cash flow or utility as a productive tool makes it incompatible with his traditional criteria.
The Bigger Picture: Crypto Adoption Is Inevitable
Buffett’s indirect exposure to crypto through Nu Holdings highlights a broader trend: digital assets are becoming embedded in everyday finance. Whether through neobanks, payment apps, or remittance platforms, crypto is no longer fringe — it’s functional.
And while regulators debate oversight and skeptics question value, millions of users worldwide are already using crypto for:
- Cross-border remittances
- Inflation hedging
- Micro-investments
- Decentralized lending
Even without owning a single satoshi, Buffett is benefiting from this shift — because he invested in a company that empowers it.
Final Thoughts: Words vs. Wisdom
Warren Buffett’s legacy is built on discipline, patience, and long-term thinking. His criticism of Bitcoin may remain unchanged — but his actions reveal something deeper: an ability to separate personal opinion from market reality.
By investing in Nu Holdings, Buffett isn’t endorsing Bitcoin. He’s endorsing smart businesses that adapt to consumer behavior — even when that behavior challenges his own beliefs.
In the end, perhaps the greatest lesson isn’t about crypto at all. It’s about staying open-minded in a rapidly evolving world — where even the fiercest critics can quietly become beneficiaries of progress.
Core Keywords: Warren Buffett, Bitcoin, Nu Holdings, cryptocurrency, fintech, Nubank Cripto, Berkshire Hathaway, crypto adoption