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Crypto enthusiast pays $4.6 million for lunch with Bitcoin sceptic Warren Buffet

BusinessToday.In     June 4, 2019

CEO of BitTorrent and founder of cryptocurrency platform TRON, Justin Sun, will be shelling out a record-breaking $4.6 million to have a private lunch with the billionaire chairman of Berkshire Hathaway, Warren Buffett. The announcement of Sun's winning bid has however garnered mixed reactions from the cryptocurrency community as Buffet has been a crypto-sceptic and has often spoken against cryptocurencies.

The billionaire had earlier criticised the idea behind cryptocurrencies. He had said that bitcoin has "no unique value at all" in a February interview with CNBC's "Squawk Box."

"It attracts charlatans," Buffett had said. "If you do something phoney by going out and selling yo-yos or something, there's no money in it - but when you get into Wall Street, there's huge money."

Buffet had also called bitcoin, "rat poison squared," a "mirage" and "not a currency."

But Sun is hoping to change Buffet's mind and thereby garner support for the overall cryptocurrency and blockchain community. Also, Buffet had once said that he saw potential in blockchain, an underlying technology behind cryptocurrencies. So, there is a shared interest and Sun will get a chance to explain the intricacies of blockchain and cryptocurrencies to Buffet.

"I'm a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy. As some of you might know, the CEO of Berkshire Hathaway has said publicly he sees no "unique value" in Bitcoin, the world's largest cryptocurrency. Yet, he has pointed to the potential in blockchain, the underlying technology behind all cryptocurrency", Sun said to explain the reasons for meeting Buffet.

"I also firmly believe that with the right communication and understanding, Buffett will change his overall stance on cryptocurrency and blockchain, allowing this new investment strategy to become integrated into his overall portfolio", Sun explained.

Meanwhile, in a statement provided by his assistant, Buffett said "I'm delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends. We are going to have a good time and Glide will use his contribution to help many thousands of people."

Warren Buffet has been holding these auctions since 2000. The billionaire has raised over $32 million via these auctions for the Glide Foundation, a charity organisation that helps homeless people in the San Francisco, California.

Edited By: Udit Verma

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