Crypto entrepreneur pays $ 4.6 million for charity lunch with bitcoin skeptic Warren Buffett

Warren Buffett, Chairman and CEO of Berkshire Hathaway.

David A. Grogan | CNBC

A cryptocurrency entrepreneur will pay millions to have lunch with one of the most notable bitcoin skeptics out there: Warren Buffett.

Justin Sun, founder of CryptoCurrency TRON and CEO of the file-sharing company BitTorrent, had the winning bid of $ 4.57 million. In an open letter written on Medium, Sun said he would invite other blockchain industry leaders to dine with the legendary New York value investor.

When asked to comment, she laughed aloud and told CNBC's Becky Quick that he was looking forward to lunch.

Son said in the letter that he was "a long-term believer (and certainly a big fan) of Buffett and his long-term value investment strategy," and added that "long-term value investment strategy and cryptocurrency, in my eyes, is one in the same. "

Based on his comments since 201[ads1]3, Buffett would probably disagree with the characterization of cryptocurrency. Berkshire Hathaway CEO has marked the world's first and largest digital currency ranging from "rat poison square" to a "delusion" that "attracts charlatans." Berkshire Vice Chairman Charlie Munger has called it a "turd" and said at the annual general meeting that trade cryptographic values ​​are "just dementia."

They are in good company – Jamie Dimon and Bill Gates, economists Nouriel Roubini and Robert Shiller, and fund managers Ray Dalio and Howard Marks have all asked bitcoin's legitimacy. Buffett and others have been less critical of the bitchin's underlying blockchain technology, which uses cases apart from cryptographic curves.

Nevertheless, Sun even said the most successful investors from time to time "can sometimes miss a forthcoming wave."

"Buffett admitted that he overpaid for a big investment in the food giant Kraft Heinz, while failing to realize the potential for such as Inc., Alphabet, Google's parents, and even Apple, Sun said in The letter. "Buffett has said several times that he appears to invest in businesses where he believes it is a long-term competitive advantage. We in the blockchain industry have a lot to prove in that connection. "

Sun started the digital token Tronix, better known as TRON two years ago. Cryptocurrency is now the 11th largest at market value and is worth around 2.5 billion In January 2018, it was worth as much as $ 16 billion, according to the industry website. Bitcoin and most other cryptocurrencies have crashed from the all-time highs turned around at the end of 2017.

The lunch goes to the Glide Foundation to help the homeless in San Francisco, where the software sharing company BitTorrent is located. While some winners have chosen to remain anonymous, Berkshire Investment Manager Ted Weschler and Greenlight Capital David Einhorn have won in previous years, Sun's bid being the highest on record for the charity's 20-year history.

"I see this as a victory for the whole blockchain community," Sun said. "We in the community know that we have a long way ahead of us to go out form the general with the blocking value and the correct applications. Instead of trying to get rich quick, we aim to advise everyone that the investment should be about vision and execution. "[19659014]

Source link

Back to top button