Warren Buffett's Crypto Bet Is Failing Against Bitcoin: Here's How
Bitcoin (BTC) has risen by almost 55% since the beginning of the year. Meanwhile, Coinbase (COIN) stock is up by over 100% in the same time frame. On the other hand, Warren Buffett-backed Nubank has gained only 26% since January 2023, far shy of Bitcoin’s (BTC) gains . Buffet’s cryptocurrency bets seem to be taking a back seat this year. Cathie Wood, the founder, and CEO of Ark Invest has invested heavily in Coinbase stocks. It appears that Wood has made better bets in the cryptocurrency space, compared to the veteran trader and investor. Did Warren Buffett make a bad bet against Bitcoin? Although Buffett’s bet is down since January of this year, during the past 12 months, his Nubank investment has performed better than COIN. Compared to COIN, which is down 61.76% as of March 17, Nubank is down 38% year over year as of that date. The Warren Buffett-backed bank almost equally matches Bitcoin’s (BTC) 37% losses over the same time frame. According to Berkshire’s most recent...