Fun

News Feed - 2023-10-31 09:10:19

Yashu Gola11 hours agoWarren Buffett’s ‘crypto stock’ beats Apple and Amazon — but not BitcoinBuffett’s bet on crypto-friendly Nubank has put Berkshire Hathaway $130 million in profit already this year.6575 Total views43 Total sharesListen to article 0:00Market AnalysisJoin us on social networksWarren Buffett may still view cryptocurrencies and Bitcoin (BTC) as “rat poison squared,” but he is generating big profits from his position in a crypto-friendly bank in 2023.Warren Buffett’s “crypto bet” up $130 million in 2023


The “Oracle of Omaha” purchased 107 million shares of Nu Holdings, a Brazil-based fintech company and owner of the crypto-friendly Nubank, via his firm, Berkshire Hathaway, in two separate rounds in 2021.


Berkshire invested $500 million in Nu Holdings in June 2021 and raised its stake by another $250 million in December 2021. The firm has not sold a single share since, according to its second quarter 2023 earnings report.


Nu’s share price is currently up nearly 106% year-to-date (YTD), meaning Buffett’s $750 million position is now worth around $879.50 million, assuming Berkshire has still not sold any of its Nu shares. However, at its peak in February 2022, the position was worth over $1 billion.Nu daily price chart. Source: TradingViewWhy is Nubank crypto-friendly?


Nubank has been dubbed crypto-friendly because some of its divisions offer crypto-related services to over 1.35 million users. Therefore, investing in Nubank can be seen as having indirect exposure to the cryptocurrency industry. 


That includes Easynvest, a trading platform that offers a Bitcoin exchange-traded fund (ETF) product, and Nubank, a digital financial services platform that offers BTC and Ether (ETH) trading. Nubank also launched a loyalty token on the Polygon blockchain.


Moreover, Nu Holdings allocated 1% of its cash holdings to Bitcoin in May 2022.


“This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank stated at the time. 


Nubank is the largest fintech bank in Latin America, with over 80 million customers in Brazil.Nu crushes Apple and Amazon stocks


Underperforming Nu stocks are Buffett’s other top holdings, Amazon and Apple, which have gained 54.65% and 36%, respectively. Apple is by far the biggest holding of Berkshire Hathaway, comprising roughly 45% of its $354 billion investment portfolio as of September 2023.


Related: Bitcoin continues to outperform Warren Buffett’s portfolio, and the gap is set to widen


Nu has also outperformed Berkshire Hathaway’s stock, which has risen 9.25% YTD.Nu vs. Amazon, Apple and Berkshire Hathaway YTD performance chart. Source: TradingViewBitcoin price performance catches up with Nu stock


Nevertheless, Bitcoin has finally caught up to the price performance of Nu stock this year. In fact, BTC price is now also up 106% YTD amid “Uptober” and recent Bitcoin ETF euphoria.Nu vs. BTC/USD YTD performance chart. Source: TradingView


Interestingly, Bitcoin’s rapid rise to catch up with Nu over the past weeks has coincided with BTC decoupling from the stock market in October.


But while this is generally seen as a bullish sign, some commentators argue that Bitcoin ETF “hopium” is the driver of BTC price gains presently.Indeed. Lots of historical data that shows bitcoin is tightly correlated to the stock market. The recent “decoupling” is driven imo by hopium over the ETF. But a significant downturn in stocks will bring BTC back to earth. pic.twitter.com/5hk523j3Gp— Joe Carlasare (@JoeCarlasare) October 26, 2023


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Apple# Warren Buffett# Amazon# Bitcoin Price# Fintech# Markets# Stocks# BTC Markets# Berkshire Hathaway# Ethereum Price# PolygonAdd reactionAdd reactionRead moreBitcoin is evolving into a multiasset networkCrypto horrors: Tales of lost Bitcoin walletsEthereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

News Feed

XRP Set For Big Rally – Analyst Says ‘Double Digits’ This Year
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Whale Alert: $2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up
Este artículo también está disponible en español. A prominent player has dominated the limelight in the crypto circle by buying more than 105 billion PEPE tokens at a cos
Crypto Pundit Says XRP To $10 Is Just The Start
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Retail Giant H&M Debunks Rumor of Store Opening in Metaverse, Collaboration With Ceek
Retail Giant H&M Debunks Rumor of Store Opening in Metaverse, Collaboration With Ceek Major fashion company H&M has denied the rumor that it is opening a store in the metaverse. Ac
Finder’s Experts Predict Ethereum Price Reaching $5,783 This Year and $23,372 by 2030
Finder"s Experts Predict Ethereum Price Reaching $5,783 This Year and $23,372 by 2030 A panel of crypto industry experts has predicted that the price of ether will reach $5,783 thi
Tristan Greene2 hours agoCrypto market loses $486M in July, most since 2022: ReportAccording to the report, nearly half of the month’s losses were caused by the Multichain exploit, which resulted in $231 million in los
OneCoin lawyer gets bail pending appeal for conviction and 10-year sentence
Turner Wright2 hours agoOneCoin lawyer gets bail pending appeal for conviction and 10-year sentenceJudge Edgardo Ramos determined that Mark Scott was not “likely to flee or pose a danger to the safety of any other pers
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin
Posh Markets Inc․ to Launch the Presale of PoshCoin, the Newest Cannabis Crypto Coin press release PRESS RELEASE. New York, 09/27/22:US-based Posh Markets Inc has announced the pr
UK closes ‘trust me bro’ crypto firm that gave horrible advice to clients
Brayden Lindrea8 hours agoUK closes ‘trust me bro’ crypto firm that gave horrible advice to clientsIt comes just two weeks after the Insolvency Service secured a winding-up order against Amey’s firm in the United K
Solana Triggers Long Thesis After Pushing Above $125 – Start Of A Bigger Rally?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Brian Quarmby6 hours agoYuga Labs to wind back from OpenSea over its axing of royalty enforcementsYuga Labs said it will start winding back OpenSea support for “all upgradable contracts and any new collections” follo
Darknet Users Discuss the Connection Between DDoS Attacks and Exit Scams
Darknet Users Discuss the Connection Between DDoS Attacks and Exit Scams During the last few weeks, a number of darknet markets (DNMs) like Dread and Empire have been attacked re