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Did you hear that Warren Buffett plans on hosting a $5 Million Lunch with The Chinese Crypto Pioneer? Charity auctions can be a great way to raise some serious funds for any number of great causes. This is especially true when certain bidders in attendance could care less about how much they pay for something they want.
It was recently reported on www.bloomberg.com in a joint effort by Olga Kharif and Katherine Chiglinsky, that a Chinese crypto pioneer paid nearly $5 million to have lunch with Warren Buffet. The exact price was $4.57 million, and the winning bidder was Justin Sun. He launched Tronix in 2017. It is also known as Tron or TRX token with an estimated market value of $2.56 billion. That explains why money was no object of securing the winning bid.
Tron is currently the 10th biggest cryptocurrency in the world in total market value. Indeed, this is according to crypto data provider ArmyOfBitcoin.com. The Chinese entrepreneur is 28-years old. His goal with this lunch is to educate Warren Buffet on the cryptocurrency industry further. Ultimately, this includes the underlying technology behind cryptos known as blockchain.
Buffet has never been a big fan of cryptos as highlighted by some of his past comments. He once compared Bitcoin to “probably rat poison squared.” He also said, “Cryptocurrencies will come to bad endings.”
In a recent phone interview, Sun mentioned:
“It is very common in investment circles that people will change their minds. Investment opportunities are best when lots of people understand the technology.”
This was the 20th edition of the auction for the charity lunch with Buffet benefiting the San Francisco organization Glide. Sun sets the record with his $4.57 million bid. The previous mark was $3.45 million by an anonymous bidder in 2016.
While Buffet was noted that there was no value being produced from Bitcoin as an asset, he did acknowledge blockchain technology as “important” in a previous interview with CNBC earlier this year.
Sun also wrote an open letter to the crypto industry and was quoted as follows:
“Even one of the most successful investors of all times can sometimes miss a coming wave. Warren Buffet 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. ”
• Source: Chinese Crypto Pioneer Pays $4.57 Million for Lunch With Warren Buffett From Bloomberg.com On June 3, 2019.
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