Recently, Live Bitcoin News reported that Justin Sun, the creator and chief executive of popular altcoin network TRON, won a three-hour lunch with Berkshire Hathaway CEO Warren Buffett. It’s been reported that he’s already invited three of potentially seven figures in the cryptocurrency space to join him: Vitalik Buterin, the co-founder of Ethereum (bitcoin’s primary competitor); Charlie Lee, who’s the founder of Litecoin, and Changpeng Zhao, who runs Binance, one of the world’s largest cryptocurrency exchanges.
Hey, Buffett: Crypto Is Good!
Justin Sun has commented that he’s a huge fan of Warren Buffett’s investing strategies. At the same time, he acknowledges that the mogul is likely going to make a few mistakes here and there, and that he’s doing so right now by refusing to acknowledge bitcoin and other cryptocurrencies as a store of value. He’s hoping he and his “crypto cronies” have the power to convince him otherwise.
As we all know, Buffett has never been a big fan of digital currencies. Recently, in two separate interviews, Buffett made the following comments about them:
In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending… [Cryptocurrency] doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.
If you think that’s rough, try listening to his company’s vice president Charlie Munger. Mr. Munger has been even harder on bitcoin and crypto, calling it “just dementia” and stating that trading bitcoin was the equivalent of trading human waste.
Sun is confident in his abilities to potentially sway Buffett to the other side but acknowledges that he has a huge job ahead. He comments:
It might be unrealistic to convince Warren Buffett, just in three hours, to buy cryptocurrencies, but we want to show him the recent progress of cryptocurrency and blockchain technology. It’s not only about Tron itself; it’s about crypto and blockchain, the whole industry.
To be fair, Buffett has often believed that blockchain has the power to change the world for the better. It’s simply digital coins that see him unconvinced.
Returning the Favor
Sun says he’s made a lot of money learning from Buffett’s investment strategies. He was an early investor in Tesla, but ultimately took a lot of flack last month when he appeared to market a Tesla giveaway on the Tron website then allegedly “rescinded the offer.”
However, this hasn’t stopped Tron’s popularity from thriving. At press time, the coin stands as the number eleven most popular cryptocurrency in the entire space, and Sun is confident the currency’s network can expand further. He says he’s looking forward to the lunch and potentially “paying Buffett back” for all the good ideas and investment advice he’s indirectly received from him over the years.