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Despite publicly affirming and reaffirming his views regarding the lack of any unique value in Bitcoin, the legendary investor Warren Buffett will be sitting down with a famous crypto entrepreneur for a charity steak lunch.
Justin Sun, the 28-year-old CEO and founder of the blockchain platform TRON and peer-to-peer file sharing protocol BitTorrent (who got into some controversy lately), won the annual eBay charity auction to have lunch with Warren Buffett at the steakhouse Smith & Wollensky in New York City.
Sun wrote in a post on Monday:
“I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy. As some of you might know, the CEO of Berkshire Hathaway has said publicly he sees no ‘unique value’ in Bitcoin, the world’s largest cryptocurrency. Yet, he has pointed to the potential in blockchain, the underlying technology behind all cryptocurrency.”
Sun also said that he views this opportunity to sit down with Mr. Buffet as a possibility to seek mutual understanding and growth.
Buffet Retains a ‘No Crypto, Yes Blockchain’ Stance
Warren Buffett and his longtime business partner Charlie Munger have been known for their criticism of Bitcoin and other cryptocurrencies, relating to it as nothing more than a gambling device. However, Buffett holds a more open attitude towards the underlying technology of all cryptocurrencies, blockchain.
Blockchain is being adopted by major companies in finance, logistics, and tech. Companies like JPMorgan, Amazon, Samsung, Walmart, IBM and many others are all working on their own implementations of blockchain technology. Regarding the implementation of blockchain in his business, Buffett said in May, “We probably are doing it indirectly through a bank. But no, I wouldn’t be the person to be a big leader in blockchain.”
The bidding win holds marketing value for the Chinese bidder, Sun, as well since Buffett is a big name in the Chinese market where he is considered the “god of stocks”. Sun is the fourth Chinese bidder to have won the lunch with Buffett and reveal his identity. Another Chinese bidder Duan Yongping won the lunch in 2006; his smartphone empire sells even more than iPhone in China now.
This is the 20th year that Buffett has offered up his time for the charity Glide. Glide is based in San Francisco that provides medical care, housing assistance, meals, youth summer programs and other services to those in need in the Bay Area. “The one universal characteristic with all the winners is that they have a good time and feel like they’ve gotten their money’s worth,” Buffett boasted in a press statement.