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Bitcoin is beating Warren Buffett’s 'crypto bet' in 2023

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In 2023, Bitcoin (BTC) and Cathie Wood's Coinbase (COIN) investment are finally outperforming Warren Buffett's popular "crypto bet" in Brazil's fintech giant Nubank (NU).

As of March 17, Bitcoin's price is up nearly 55% year-to-date (YTD). In comparison, Nubank has risen by only 26%. Meanwhile, another crypto-exposure asset, namely Coinbase stock (COIN), has seen the biggest rebound of the three, rising over 100% YTD.

Nevertheless, Buffett's investment has fared better than COIN over the past 12 months.As of March 17, NU is down 38% year-over-year compared to COIN's 61.76%, nearly equal to Bitcoin's 37% losses in the same period.Buffett's investment firm Berkshire Hathaway purchased $1.50 billion worth of class-A Nubank stock in two separate rounds in July 2021 and February 2022.The news came as a surprise to many since Buffett is a well-known cryptocurrency critic, and Nubank offers crypto trading services via one of its wings called Nucripto.

In May 2022, the bank said that it would allocate 1% of its net assets to Bitcoin. “This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank said at the time.But despite Nubank's crypto exposure and NU's price decline, Buffett has not sold a single share, according to Berkshire's latest annual earnings report.

Read more on cointelegraph.com
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