Justin Sun, the founder of TRON (TRX), bid a record $4.57 million to win an eBay charity auction that would allow him to have lunch with investment wizard Warren Buffet, Bloomberg reports, June 3, 2019.
Sun Meets Buffet
Sun, the founder of smart contract platform TRON, is well-known within the cryptocurrency community for his aggressive marketing and business building strategies. According to crypto data provider CoinMarketCap, Sun’s project ranks among the top fifteen cryptocurrencies in the world with a market cap of over $2.2 billion.
In an attempt to reroute Buffet’s train of thought about the importance and utility of cryptocurrencies, Sun made a record-setting bid of $4.57 million to win the opportunity to have lunch with the investment mogul. Buffet is infamous within the crypto community for his anti-crypto stance.
The 28-year-old entrepreneur said he hopes to educate Buffet on digital currencies and blockchain technology. Speaking to Bloomberg, Sun said:
“It is very common in investment circles that people will change their minds.”
Adding:
“Investment opportunities are best when lots of people are underestimating the technology.”
According to Bloomberg, Sun can bring along seven people of his choosing for the high-profile luncheon at the Smith & Wollensky steakhouse in New York. The TRON founder said he’ll try to gather the most persuasive of his peers from within the crypto community to have a chance at changing the 88-year-old billionaire’s opinion towards cryptocurrencies.
Buffet has, in the past, referred to bitcoin (BTC) as “probably rat poison squared,” and has been one of the most vocal critics of digital currencies. The billionaire investor’s longtime business partner Charles Munger shares a similar outlook towards bitcoin having called it a “noxious poison.”
That said, Buffet’s opinion towards blockchain technology remains mostly positive. Earlier this year, he dubbed distributed ledger technology (DLT) as “important” in an interview with CNBC.
Floodgates for Money in the Crypto Industry?
Bitcoin and other cryptocurrencies have typically been on the receiving end of criticism from major financial institutions and influential people from the traditional finance space.
Of late, however, things seem to be gradually taking a positive turn.
The entry of institutional money is seen as a sign of growing investor confidence in cryptocurrencies. Assuming Sun and his team can convince the investment stalwart, one could expect more greenbacks to flow into the crypto space from investors who have been on the fence until now.
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