[ad_1]
Warren Buffett, President and CEO of Berkshire Hathaway.
David A. Grogan | CNBC
A cryptocurrency entrepreneur will pay millions to lunch with one of Bitcoin's most skeptical skeptics: Warren Buffett.
Justin Sun, founder of the TRON cryptocurrency and CEO of the BitTorrent file-sharing company, won the winning bid at $ 4.57 million. In an open letter published on Medium, Sun announced that it would invite other industry leaders from the blockchain to dine with the legendary value investor in New York.
When asked to comment, Buffett laughed and told Becky Quick of CNBC that he was looking forward to lunch.
In his letter, Sun stated that he was "a strong supporter (and certainly a big fan) of Buffett and his long-term investment strategy," adding that "the investment strategy long-term and cryptocurrency, to me, are one in the same. "
According to his comments since 2013, Buffett would probably disagree with this characterization of cryptocurrency. Berkshire Hathaway's CEO has called the world's first and largest digital currency "white poison" an "illusion" that "attracts quacks". Berkshire vice-president Charlie Munger described the situation as "shit" and said at the annual shareholders' meeting that cryptocurrency trading is "fair 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 questioned the legitimacy of bitcoin. Buffett and others have been less critical of the underlying Bitcoin technology blockchain, which has cases of use other than cryptocurrencies.
Nevertheless, Sun said that even the most successful investors of all time "can sometimes miss a next wave".
Buffett admitted that he had overpaid a big investment in food giant, Kraft Heinz, without realizing the potential of Amazon Inc., Alphabet, Google's parent company, and even from Apple, "Sun said in his letter. Buffett repeatedly said that he was looking to invest in companies in which he thought he had a long-term competitive advantage.In the blockchain sector, we have a lot to prove in this regard. "
Sun launched the Tronix digital token, better known as TRON, two years ago. Cryptocurrency is now the eleventh largest market capitalization and is worth about $ 2.5 billion, according to CoinMarketCap.com. In January 2018, this value reached $ 16 billion, according to the website of the industry. Bitcoin and most other cryptocurrencies plummeted after peaking at the end of 2017.
Luncheon recipes will go to the Glide Foundation to help homeless people in San Francisco, where the BitTorrent software-sharing company is located. While some winners have chosen to remain anonymous, Berkshire investment manager Ted Weschler and David Einhorn of Greenlight Capital have won in previous years. Sun's offer is the highest ever recorded for 20 years.
"I see this as a victory for the entire blockchain community," Sun said. "We, the community members, know that we still have a long way to go to make the general public aware of the value of the blockchain and the good use cases." Rather than trying to "s" 39; enrich quickly, we want to advise everyone that the investment should be focused on vision and execution. "
[ad_2]
Source link