"Has Warren Buffett started to open his heart to crypto?"
The best performer of Berkshire Hathaway's portfolio in 2023 is the Brazilian bank Nubank which not only offers blockchain products but also allows customers to hold and trade cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Berkshire Hathaway which invested $740 million in Brazilian banks has held $840 million in total, then Nubank shares have gained more than 100% in market value this year.
Over the past year, Nubank which has been expanding its customers and new product offerings has expanded its wings into Columbia and Mexico through personal loan products.
But it should be noted that Warren Buffett including his longtime partner Charlie Munger have long criticized BTC and other cryptocurrencies, labeling them immoral.
Not only that, Buffett who once said he would not buy BTC also views the digital asset as a gambling instrument and does not have any intrinsic value.
However, Berkshire Hathaway seems to be generating handsome profits from the blockchain sector this year following its acquisition of a large stake in Nubank.
It's a very positive sign for the massive adoption of blockchain, especially when considering Tradfi's large holdings in Berkshire Hathaway's portfolio.
