Portland: Cryptocurrency pioneer Justin Sun (pic right) bid a record US$4.57mil to have lunch with Warren Buffett, who famously referred to bitcoin as “probably rat poison squared.”
Oh, to be a fly on the wall.
Sun launched Tronix, also known as Tron or TRX token, in 2017. It’s valued at US$2.56bil and is the 10th largest cryptocurrency in the world, according to data provider CoinMarketCap.com.
The 28-year-old Chinese entrepreneur said he hopes to educate the Oracle of Omaha on cryptocurrency and the underlying technology, called blockchain. Buffett said he’s looking forward to meeting Sun and his friends.
“It is very common in investment circles that people will change their minds,” Sun said in a telephone interview. “Investment opportunities are best when lots of people are underestimating the technology.”
Buffett and his longtime business partner Charles Munger have criticised cryptocurrencies in the past.
The 95-year-old Munger called bitcoin a “noxious poison.” Buffett, who says there’s no value being produced from the asset, at least gave a nod to blockchain technology as “important” in an interview with CNBC earlier this year.
“Even one of the most successful investors of all times can sometimes miss a coming wave,” Sun wrote in an open letter to the crypto community.
Buffett has admitted he overpaid for big investment food giant Kraft Heinz Co, while failing to realise the potential of the likes of Amazon.com Inc; Alphabet, the parent of Google; and even Apple.”
The annual auction raises money for San Francisco-based charity Glide, which Buffett’s late wife Susan supported. More than US$30mil has been raised over the years, as bid amounts have climbed. Glide provides meals for the city’s homeless, offers support to domestic violence victims, and helps people find shelter. — Bloomberg
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