Warren Buffett met with a big cryptocurrency player for lunch in February 2020. With a $4.57 million bid, Justin Sun, the founder of BitTorrent and the cryptocurrency Tron, won the eBay charity auction to have lunch with the renowned investor. The funds were donated to the GLIDE Foundation, a non-profit established in San Francisco’s Tenderloin district.
Sun persuaded a passionate skeptic to believe in crypto at that meal.
The Doubts of Warren Buffett
Bitcoin (the first and largest cryptocurrency) has been dubbed “possibly rat poison squared” by Warren Buffett and a “delusion” by others.
He’s also said that he’d “not be astonished if it wasn’t around in 10 or 20 years.”
Bitcoin has been dubbed “worthless, fake gold” by his business partner and Berkshire Hathaway vice-chair.
The blockchain, which underpins cryptocurrency, has been described as “vital” by Warren Buffett.
Making the Case for Blockchain and Crypto
Sun aimed to build on Buffett’s blockchain expertise. Sun wrote in an open letter to the crypto community after winning the auction that he was a long-time believer in Buffett’s long-term value investing strategy, and that “the long-term value investing strategy and cryptocurrency, in [his] eyes, are one and the same,” and that the crypto community still has a long road ahead of it to “educate the mainstream on blockchain’s value and proper use cases.”
“Even one of history’s most successful investors can miss an approaching wave,” he added. “Buffett has conceded that he overpaid for huge investment food giant Kraft Heinz Co., while failing to recognize the potential of companies like Amazon.com Inc., Alphabet, the parent company of Google, and even Apple,” according to the report.
Sun also said that additional blockchain industry executives would be invited to the lunch.
Tronix, popularly known as Tron or the TRX token, was introduced by Sun in 2017.
Tron has a market cap of $3.6 billion as of July 20, 2021, according to CoinMarketCap.com.
GLIDE Foundation is a non-profit organization dedicated to the advancement
For the past 20 years, Buffett has auctioned off a lunch with himself to benefit the San Francisco-based organization that his late wife Susan backed.
More than $30 million has been generated for the foundation through his meals.
Buffett said he was “delighted that Justin has won the lunch” and “looking forward to meeting him and his pals” in an email reply to Bloomberg.
“We’ll have a nice time,” he added, “and Glide will use his money to help many thousands of people.”
GLIDE’s activities are aimed at “the most vulnerable people in our community,” according to their website, which includes “women and people of color, children, persons with complex needs, and recent immigrants.” GLIDE strives to provide a “integrated and comprehensive service model [to] satisfy basic needs and support persons along pathways toward stabilization and self-sufficiency” through the development of trust and cultural competency. Poverty, homelessness, drug use disorders, and family turmoil are among issues that GLIDE strives to solve.