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Warren Buffett

TRON Founder Justin Sun Believe Warren Buffett Still Holds BTC & TRX

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Tron founder Justin Sun thinks that multi-billionaire investor Warren Buffett holds Bitcoin [BTC] and Tron [TRX] despite being a hardcore crypto skeptic.

Sun met the chairman and CEO of Berkshire Hathaway at a charity feast, in 2020. Buffett has auctioned off a dinner with himself every year since 2000, with participants’ funds directed toward charity.

The crypto entrepreneur placed a record-breaking $4.5 million bid to win the dinner with the “Oracle of Omaha.”

Sun also gifted Buffett a Samsung Galaxy Fold 2 phone loaded with 1 Bitcoin and 1,930,830 TRX tokens, making one of the most influential investors a cryptocurrency holder. Some users noticed that the wallets containing gifted crypto had remained inactive.   

However, after the dinner, Buffett reportedly told Sun that he gave the phone to the GLIDE Foundation, a San Francisco-based nonprofit saying, “I don’t own any cryptocurrency. I never will.”

Hence, it is likely that the billionaire no longer has anything to do with the gifted crypto given that he has a strong distaste for cryptocurrencies.

The Berkshire Hathaway boss, the seventh richest person on the planet with an estimated net worth of $97 billion, is known as one of the bitter crypto critics who once called bitcoin as “rat poison squared.”

The comment caused a huge uproar in the crypto community with many advocates declaring him as crypto’s arch-enemy.

TRON Boss Refuse To Disclose What Transpired With Warren Buffett

Recently, the veteran investor said that he wouldn’t spend $25 for ‘all of the bitcoin in the world’, indicating that he would not be adding BTC to his portfolio any time soon.

Although TRON declined to comment on what was discussed over the meal, Sun had originally said he hoped the meal would “bridge the gap between institutional and traditional investors and the realm of cryptocurrency and blockchain technology.”

The founder of the major blockchain network threw his weight behind FTX CEO Sam Bankman-Fried a.k.a SBF in offering financial support to firms in the digital asset space that are struggling amid the market downturn.

In a tweet earlier this month, Sun stated that he and the Tron protocol are “ready to serve.” According to a report from TronWeekly, Sun said he could spend up to $5 billion on acquisitions.

Buffett Says That Even if Bitcoin Goes up or Down, It Doesn’t Produce Anything

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Warren Buffett, the billionaire investor, has blasted Bitcoin (BTC), claiming that he “wouldn’t take” all of the BTC in the world for merely $25.

With a net worth of roughly $124 billion, the 91-year-old is a crypto skeptic who reportedly referred to Bitcoin as “rat poison squared.”

His arguments frequently revolve around digital assets having no monetary worth. The crypto community has been quick to point out that there are a plethora of use cases and utilities in crypto that Buffett is unlikely to have investigated.

Buffett discussed crypto in regard to the rising mainstream use of the industry during the Berkshire Hathaway Annual Shareholder Meeting on Saturday.

He added that even if it goes up or down in the next year or five years down the line, he is pretty sure that it doesn’t produce anything. He said that it has got magic to it that attracts people.

Quite some unthought remarks by Buffett

He stated that while he has no clue if the value of BTC would rise in the future, he is certain that “it produces nothing.”

Buffett said that he would gladly write “a check this afternoon” for $25 billion for 1% of all farmland or “apartment buildings” in the United States because both provide real-world use, but he wouldn’t even pay $25 for 100% of Bitcoin supply.

“Now if you told me you own all of the Bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”

Over the weekend, prominent crypto supporters mocked Buffett’s remarks on Twitter.

“It’s so strange he says this stuff while nakedly promoting diabetes,” Marc Andreessen, co-founder of top crypto venture capital firm Andreessen Horowitz (a16z), said, referring to an ensemble of See’s Candies boxes and Coke cans on Buffett’s desk during the speech.

“Haha he says ‘Bitcoin’ so many times,” Tesla CEO and Twitter owner Elon Musk said. “Everyone can’t stop talking about Bitcoin,” MicroStrategy CEO Michael Saylor added.

Infamous Bitcoin Critic Wouldn’t Trade BTC For Even $25

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Long-time Bitcoin critic and billionaire business magnate Warren Buffett has once again voiced his cynical stance on the world’s largest crypto asset. Speaking at the Berkshire Hathaway Annual Shareholder Meeting held on 30 April, Buffett stated it’s not a productive asset and it doesn’t produce anything tangible.

Despite gaining acceptance from the traditional finance and investment world in recent years, Buffett refuses to budge saying.

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magics to lots of things.”

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The Berkshire Hathaway CEO and the chairman who infamously called bitcoin “probably rat poison squared,” in 2018 went on to describe the asset, as a “mirage,” “not a currency,” and “tulips” among others.

His old-time business associate Berkshire Vice Chairman Charlie Munger also labeled the asset a “turd,” and said that trading cryptocurrencies are “just dementia.”

“Bitcoin lacks value”

Ranting about why he doesn’t see value in bitcoin, compared to other things, the business tycoon said,

“If you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”

His partner Munger too reiterated saying Bitcoin makes him look “stupid, evil and bad and praised China for banning it.

“In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”

Interestingly, the latest SEC filings of Berkshire Hathaway show that the company has placed a huge bet on the crypto space. Recently Berkshire Hathaway bought a stake worth $1 billion in Brazil-based digital neobank NuBank, which is the largest digital financial services provider in Latin America.

At the same time, the investment firm has also been reducing its stake in traditional financial companies such as Visa and Mastercard.

Warren Buffett Slates The Crypto Industry, Says It Has ‘Zero Value’

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Generally speaking, the comments made by the mainstream financial moguls have been considered valuable and influential by people in the industry. This furor reaches its crescendo when mainstream players are interested in the cryptocurrency industry.

In a recent conversation, Warren Buffett, CEO of Berkshire Hathway, spoke about the cryptocurrency industry and its plans to improve the financial ecosystem.

During the interview, Buffett claimed that cryptocurrencies had no value at all and that he himself did not hold any crypto assets. Buffett reiterated that he would never buy any crypto because he did not understand its financial potential.

Since he first spoke about crypto months back, Buffett’s comments have not changed. He had initially compared cryptocurrencies to ‘ rat poison ‘ and added that virtual assets have no benefit for its users. Berkshire Hathaway on their part has carried out processes to improve the ETF field. This was demonstrated when Hathaway recently purchased ETF that Buffett has categorically denied as “not his decision”.

The fourth wealthiest person on Earth has assured everyone that his focus will primarily be on traditional assets and not on virtual currencies. Speaking to CNBC, Buffett added that users cannot do anything with crypto other than selling them to others. For someone who sides with fiat so strongly, Buffett has definitely been in crypto news a lot.

Warren Buffet had met with Tron CEO Justin Sun recently where the two billionaires spoke about the growing cryptocurrency industry. After the meet, Sun had tweeted saying that the meeting was successful and beneficial. Sun even revealed that he had gifted Buffett with some Bitcoin on his Samsun smartphone.

Sun had used Samsung because the South Korean technology giant had integrated TRX into its Galaxy smartphones. Buffett’s latest comments also drew a response from Sun who took to Twitter and said:

“Dinner w/ @WarrenBuffett was not only to help the homeless people of SF but to discuss differences of opinions in investments & life experiences. In terms of charity impact, the dinner was very successful! Mr. Buffett is such a great teacher of life, I learned so much!”

It is yet to be seen if Buffett will change his stance on crypto but the community still believed that adoption will only be improved with rapid developments in the space.

Justin Sun Gets His Dinner With Warren Buffett! Let Us Look At What Happened

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Tron and its co-founder Justin Sun has been in the news multiple times for partnership announcements and developments. Sun also shot to fame after the famous Warren Buffett lunch which took a different turn when the Tron CEO canceled it.

According to the latest developments, it seems Sun has corrected that downturn. He just announced that he completed dinner with the Berkshire Hathaway honcho where he was able to discuss a lot of changes.

Sun took to Twitter to announce this mammoth news. This event comes a few weeks after a huge part of the cryptocurrency community ridiculed him

The Tron CEO’s latest post read:

The dinner took place in the Happy Hollow Club. Justin Sun jokingly stated that the dinner bill was much cheaper than the $4.56 million tag for the event. He surprised the crypto community by revealing that Warren Buffett received his first Bitcoin which was now safely stored in his Galaxy Fold.

Tron’s CEO added that since he gifted the Bitcoin to Buffett, the world’s largest cryptocurrency’s value had shot up by 16 percent. It makes sense that the cryptocurrency was stored on a Galaxy Fold after Samsung’s open admission that they were getting into crypto and blockchain. Sun gifted the Berkshire official 1.9 million TRX tokens equivalent to his birthday.

Sun stuck to his promise if showing Buffett the power of cryptocurrency by transferring  $4.5 million to the auction bid.

According to Sun, Warren Buffett was impressed by the speed of the TRX transfer. The Samsung used by Buffett is embedded with 100 BTT tokens, 100 WIN tokens, and USDT tokens.

It is not clear whether this will affect the industry on a price point but it has sure lifted the community’s sentiments.