Bitcoin Closes in on Berkshire Hathaway’s Value
Bitcoin’s market cap of $717.94 billion is just 5.9% less than Berkshire Hathaway’s $760.18 billion, marking a significant change from the past when Bitcoin’s value was significantly lower. Warren Buffett, a vocal critic of Bitcoin, famously called it “rat poison squared” and refused to invest in cryptocurrencies in 2018 when Bitcoin was worth much less compared to Berkshire.
However, Bitcoin’s rapid growth in recent years has brought it closer in value to the respected holding company. As of Nov. 13, Bitcoin was trading at just under $37,000 with a 5.33% increase over the previous seven days.
Berkshire’s Changing Stance on Cryptocurrencies
Berkshire Hathaway invested $500 million in Nubank, a Brazilian digital bank that offers crypto trading, and the investment has seen substantial returns. While Buffett criticizes Bitcoin for its lack of underlying value, his company’s investment in a crypto-friendly bank presents a more nuanced perspective.
Despite Buffett’s previous dismissals of Bitcoin, major financial institutions’ increasing acceptance of the cryptocurrency may continue to narrow the gap between Bitcoin and Berkshire’s value.
Hot Take: The Changing Dynamics Between Bitcoin and Berkshire Hathaway
The growing proximity between Bitcoin and Berkshire Hathaway’s value reflects the evolving landscape of cryptocurrency and traditional finance. It highlights the shifting perspectives within the financial industry and signifies a potential convergence between these two seemingly contrasting assets.
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