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Warren Buffett recently offered an auction to raise money for the Glide charity out of San Francisco, California. The organization was supported by his late wife, Susan, and Buffett wants to continue to support the worthy cause. He auctioned off a luncheon to the highest bidder that would see someone have the opportunity to sit down with the finance guru, and it has now been revealed who that someone is going to be and the individual is coming from the Bitcoin ecosystem. Buffett may regret what he has done.
Paying $4.57 million – a new record for Glide – to sit down and share a lunch table with Buffett is Justin Sun, the founder of Tronix, aka Tron. Tron is the tenth largest cryptocurrency in the world, according to CoinMarketCap, and Buffett may have already lost his appetite.
The billionaire investor and businessman hates crypto. He doesn’t just hate it; he loathes it. To him, crypto is “probably rat poison squared” and a “noxious poison” that has no value whatsoever. On the bright side, he said earlier this year, however, that blockchains are an “important” technology.
Sun hopes to use the opportunity to school Buffett on the realities of crypto. He explains, “It is very common in investment circles that people will change their minds. Investment opportunities are best when lots of people are underestimating the technology.”
In a letter he penned to the entire crypto community, Sun added, “Even one of the most successful investors of all times can sometimes miss a coming wave. Buffett has admitted he overpaid for big investment food giant Kraft Heinz Co., while failing to realize the potential of the likes of Amazon.com Inc.; Alphabet, the parent of Google; and even Apple.”
In an effort to remain neutral and put on a good face, Buffett responded to the news of Sun’s winning bid in a statement emailed to news outlets. He said (probably while sending a team of researchers to figure out who Sun is), “I’m delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends. We are going to have a good time, and Glide will use his contribution to help many thousands of people.”
Sun will be able to invite others to join the luncheon. He has said that he will select several friends that have the power of persuasion, as well as other crypto influencers, to attend, but admits that it will still be a difficult task to show Buffett the error of his mindset.
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