Crypto Founder Wins Charity Auction for Lunch with Warren Buffett

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Crypto Founder Wins Charity Auction for Lunch with Warren Buffett

Warren Buffett had lunch with a big cryptocurrency player in February 2020. With a $4.57 million offer, Justin Sun, the owner of the file-sharing startup BitTorrent and the pioneer of the cryptocurrency Tron, won the eBay charity auction to have lunch with the famous investor. The funds were donated to the GLIDE Foundation, a non-profit organization situated in San Francisco’s Tenderloin district.

Sun presented the case for cryptocurrency to an ardent skeptic over that meal.

Warren Buffett’s Skepticism

Warren Buffett has dubbed Bitcoin (the first and biggest cryptocurrency) a “delusion” and “possibly rat poison squared.”

He has also claimed that he “would not be astonished if it is no longer exist in 10 or 20 years.”

Bitcoin, according to his business partner and Berkshire Hathaway vice-chair, is “worthless, fake gold.”

However, Buffett has called cryptocurrency’s underlying technology, the blockchain, “vital.”

Making the Case for Crypto and Blockchain

Sun hoped to capitalize on Buffett’s knowledge of blockchain. Sun stated in an open letter to the crypto community that he was a long-term 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 has a long road ahead to “educate the mainstream on blockchain’s value and proper use cases.”

He also said that “even the most successful investor in history may occasionally miss a rising wave.” “Buffett has confessed overpaying for huge investment food giant Kraft Heinz Co., while failing to see the potential of companies like Amazon.com Inc., Alphabet, the parent company of Google, and even Apple.”

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Sun also said that additional blockchain industry heavyweights will be invited to the lunch.

In 2017, Sun introduced Tronix, popularly known as Tron or the TRX coin. Tron is the world’s 25th biggest cryptocurrency, with a market worth of $3.6 billion as of July 20, 2021, according to CoinMarketCap.com.

GLIDE Foundation

For the last 20 years, Buffett has auctioned off a lunch with himself to benefit the San Francisco-based organization that his late wife Susan supported. His meals have netted the nonprofit more than $30 million.

Buffett told Bloomberg in an email that he was “delighted that Justin had won the lunch and [was] looking forward to seeing him and his pals.”

“We’re going to have a nice time,” he said, “and Glide’s donation will benefit many thousands of others.”

GLIDE’s activities, according to its website, target “the most vulnerable persons in our community, including women and people of color, children, individuals with complex needs, and recent immigrants.” GLIDE strives to offer a “integrated and comprehensive service approach [to] satisfy basic needs and help persons along routes toward stability and self-sufficiency” through building trust and cultural competence. GLIDE helps to alleviate poverty, homelessness, drug addiction, and family distress.

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