In February 2020, Warren Buffett had lunch with a major player in crypto. Justin Sun, owner of the file-sharing company BitTorrent and founder of the cryptocurrency Tron, won eBay’s charity auction for lunch with the famous investor with a bid of $ 4.57 million. The money went to the GLIDE Foundation, a nonprofit organization based in the Tenderloin neighborhood of San Francisco.
At that lunch, Sun laid the case for cryptocurrencies to an ardent skeptic.
Warren Buffett’s skepticism
Warren Buffett has called Bitcoin (the first and largest cryptocurrency) “probably rat poison squared” and an “illusion”.
He has also stated that “you would not be surprised if it is not available in 10 or 20 years.”
Your Business Partner and Vice President of Berkshire Hathaway has called Bitcoin “artificial gold worthless”.
Buffett has described However, the underlying technology of the cryptocurrency, the blockchain, is “important.”
Advocating for Crypto and Blockchain
Sun sought to leverage Buffett’s understanding of the blockchain. In a open letter To the crypto community who announced that he had won the auction, Sun wrote that he was a long-term believer in Buffett’s long-term value investment strategy, and later wrote that he thought that “the long-term value investment strategy and cryptocurrency, in [his] eyes, they are one and the same, “and that the crypto community has a long way to go to” educate the mainstream on the value of blockchain and proper use cases. ”
He also noted that “even one of the most successful investors of all time can sometimes miss a coming wave.” And “Buffett has admitted that he overpaid for the large investment of the food giant Kraft Heinz Co., while failing to realize the potential of companies like Amazon.com Inc., Alphabet, Google’s parent company and even Apple.”
Sun also wrote that he would invite other blockchain industry leaders to lunch.
Sun launched Tronix, also known as Tron, or the TRX token, in 2017. According to CoinMarketCap.com, Tron is the 25th largest cryptocurrency in the world, with a market capitalization of $ 3.6 billion as of July 20, 2021.
Buffett has auctioned a lunch with himself for 20 years in support of the San Francisco-based charity, one that his late wife Susan supported. His lunches have raised more than $ 30 million for the foundation.
In an email comment to Bloomberg, Buffett wrote that he was “delighted that Justin won lunch and [was] looking forward to meeting him and his friends. ”
“We’re going to have a good time,” he continued, “and Glide will use your contribution to help thousands of people.”
According to their websiteGLIDE’s programs focus on “the most vulnerable people in our community, including women and people of color, children, people with complex needs, and recent immigrants.” Through the trust earned and the cultural competence learned, GLIDE aims to provide an “integrated and comprehensive service model [to] meet basic needs and support people along the pathways to stabilization and self-reliance. “GLIDE works to address poverty, homelessness, drug use disorders, and family crisis.