Home / Business / Crypto entrepreneur pays $ 4.6 million for charity dinner with Bitcoin skeptic Warren Buffett

Crypto entrepreneur pays $ 4.6 million for charity dinner 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 well-known Bitcoin skeptics: Warren Buffett.

Justin Sun, founder of Cryptocurrency TRON and CEO of filesharing company BitTorrent, won $ 4.57 million. In an open letter posted on Medium, Sun said he would invite other Blockchain industry leaders to dine with the legendary value investor in New York.

When Buffett was asked for a comment, he laughed aloud and said to Becky Quick from CNBC that he was looking forward to lunch.

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

Based on his comments since 201

3, Buffett would probably disagree with this characterization of the cryptocurrency. The CEO of Berkshire Hathaway has labeled the world's first and largest digital currency from "rat poison square" to "deception" that "attracts charlatans." Charlie Munger, vice chairman of Berkshire, called it a "jerk" and said at the annual general meeting that cryptocurrency trading was "just dementia".

You are in good company – Jamie Dimon and Bill Gates, economists Nouriel Roubini and Robert Shiller, and fund managers Ray Dalio and Howard Marks all questioned the legitimacy of Bitcoin. Buffett and others are less critical of Bitcoin's underlying technology blockchain, which also includes use cases in addition to cryptocurrencies.

Nevertheless, Sun said even the most successful investors of all time could "sometimes miss a coming wave".

"Buffett has admitted that he has paid too much money for a large investment in the food company Kraft Heinz, although he did not recognize the potential of companies like Amazon.com Inc., Alphabet, the parent company of Google, and even Apple Sun, "Sun said in the letter. "Buffett has repeatedly said he wants to invest in companies that he believes have a long-term competitive advantage, and we have a lot to prove in this regard in the blockchain industry."

Sun launched the better known digital token Tronix as TRON two years ago. The cryptocurrency is currently the 11th largest by market capitalization and, according to CoinMarketCap.com, has a value of approximately $ 2.5 billion. In January 2018, according to industry website 16 billion US dollars. Bitcoin and most other cryptocurrencies crashed from the highs in late 2017.

The proceeds of the lunch go to the Glide Foundation to help homeless people in San Francisco, where the software file sharing company BitTorrent is located. While some winners have chosen to remain anonymous, Berkshire investment manager Ted Weschler and David Einhorn of Greenlight Capital have won in recent years. Sun's bid is the highest in the charity's 20-year history.

"I see this as a benefit to the entire blockchain community," said Sun. "We in the community know that we have a long way to go to educate the mainstream about the value of the blockchain and the right use cases, rather than trying to get rich fast, we would advise anyone to invest that vision and execution goes. " 19659014]
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