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Warren Buffett’s Portfolio Lifted by Fintech Stocks. Is Bitcoin the Reason?

Wes Messamore
Warren Buffett may not be a fan of crypto, but he might have bitcoin to thank for his top three performing stocks in 2019. | Source: (i) AP Photo/Nati Harnik, File (ii) Shutterstock; Edited by CCN

As Berkshire Hathaway finishes out Q2 2019, its top 10 performing stocks were dominated by fintech companies that are making innovations in digital payments. Warren Buffett may have bitcoin and crypto to thank.

They may be what’s keeping Berkshire buoyant despite the $3 billion Kraft Heinz writedown in Q1. That resulted in a $4.3 billion stock crash. Worse, Berkshire took heavy damage in May losses from the global equities rout on trade-war and recession fears.

Berkshire Hathaway, the largest stockholder in Kraft Heinz took a spill in February after the food and beverage company accounting scandal broke. | Source: Yahoo Finance

Berkshire shares will, however, still finish out the first half of 2019 with a profit. They’re riding a wave of investor interest in financial technology innovation. All signs point to a bitcoin ripple effect.

Bitcoin has been the best performing asset of the last decade, as pointed out by Morgan Creek Digital Partner Anthony Pompliano. Facebook isn’t the only company making a major splash into the space with the upcoming launch of Libra coin. Investors fearing equities doldrums ahead are piling their cash into companies that promise big returns on fintech innovations.

Warren Buffett’s Top 3 Stock Market Performers

StoneCo Ltd. (STNE) stock market price chart for Q1 – Q2 2019. | Yahoo Finance

Read the full story on CCN.com.