Matrix factorization is a simple and natural test-bed to investigate the implicit regularization of gradient descent. Gunasekar et al. (2017) conjectured that gradient flow with infinitesimal initialization converges to the solution that minimizes the nuclear norm, but a series of recent papers argued that the language of norm minimization is not sufficient to give a full characterization for the implicit regularization. In this work, we provide theoretical and empirical evidence that for depth-2 matrix factorization, gradient flow with infinitesimal initialization is mathematically equivalent to a simple heuristic rank minimization algorithm, Greedy Low-Rank Learning, under some reasonable assumptions. This generalizes the rank minimization view from previous works to a much broader setting and enables us to construct counter-examples to refute the conjecture from Gunasekar et al. (2017). We also extend the results to the case where depth >= 3, and we show that the benefit of being deeper is that the above convergence has a much weaker dependence over initialization magnitude so that this rank minimization is more likely to take effect for initialization with practical scale.