Can founder of TRON cryptocurrency and CEO of BitTorrent, Justin Sun change Warren Buffet’s perspective on cryptocurrency? Well, he has won a chance to try over lunch, and he can even invite seven other people to back him up. Sun thinks he can update Warren Buffet, who is a known Bitcoin sceptic on how the younger generation is now doing things; I mean how do you sway a person who thinks Bitcoin is a “delusion”? I don’t know, but Mr. Sun has paid $4.57 million to give it a shot.
The $4.57 million bid for charity
The lunch bid is almost one-third more than the previous record that was set in the 2016 auction; It got 18 bids from five bidders. The proceeds from the charity auction will go to the Glide Foundation, which helps poor and homeless people as well as those battling substance abuse. So the $4.57 million is not a complete waste; Justin Sun may be going on a wild goose chase with Warren Buffet, but at least it’s for a good cause. Sun even expressed in a statement how important it is to contribute to a foundation that serves to provide holistic programs to the local community, he said;
“BitTorrent and TRON’s US headquarters are in San Francisco, and bidding on this charity auction was a key priority for our team. I’m proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.”
The lunch will take place in midtown Manhattan; at the Smith and Wollensky steakhouse, and he intends to invite seven “industry leader” who will aid in his agenda.
The purpose of the extravagant lunch bid with Mr. Buffet
Justin Sun explained on CNBC that the reason he bid on the lunch with Mr. Warren Buffet is it; first of all, he is a “long time believer” in Mr. Buttets value investing strategy. Sun expresses how he had been inspired by Mr. Buffets, and it is from that inspiration that he made “lots of his fortune.” Therefore, Justin sees this lunch as a way of paying back Mr. Buffet for his inspiration. Check out what Mr. Sun’s Tron cryptocurrency is all about in our TRON article.
Apart from that, one of the main reasons Sun bid so much on lunch with the Berkshire Hathaway billionaire; was to be the “bridge” two institutional investors, so he said. In this case, the institutional investors being Warren Buffet and the Blockchain and cryptocurrency community.
In Justin Sun’s opinion, Warren Buffet has the wrong sources for Blockchain and social media has him misinformed, so to speak, and that’s why he is sceptical about Bitcoin. Sun seems to believe that, with the right understanding and communication, Warren will warm up to Bitcoin, and maybe he will integrate this new investment strategy into his overall portfolio. Especially with the current Bitcoin Growth.
Conclusion – Can Justin Sun Bring Buffet into the future of investment
There will be some in the cryptocurrency community that will see this lunch as a recap of Warren Buffet’s publicised distaste for blockchain and the crypto world. However, some may have hope that Buffet will come to his senses and change his mind about the industry; seeing as he has had better comments about Bitcoin in recent months. Nevertheless, when Justin Sun himself, was asked if he believes he can change Warren Buffets mind in a 3-hour sit-down he said;
“There’s too much to change his mind on Bitcoin in a three-hour lunch. We will offer him a different opinion on Bitcoin and blockchain technology.”
However, he expressed how, if he put himself in Buffet’s shoes at this moment; it is highly unlikely that he will change his mind.