Why Warren Buffett now owns one bitcoin
| Crypto-skeptic Buffett gets his first bitcoin at a long-delayed meal Cryptocurrency entrepreneur Justin Sun finally got his $4.6 million charity auction dinner with Warren Buffett last month, and Buffett finally got a bitcoin.
Plans for a lunch in San Francisco last July were abruptly scuttled when Sun said he was suffering from kidney stones. (Around the same time there were stories in Chinese media that Sun was under investigation. Days later, Sun later apologized for "excessive self-promotion" ahead of the event.)
Six months later, with no advance publicity, the lunch turned into a late-January dinner at an Omaha country club chosen by Buffett. In a Facebook post, Sun, founder of the TRON cryptocurrency platform and a Buffett admirer, said he and several of his guests from the crypto industry had an "Amazing dinner w/ Warren Buffett finally!" It included a photo of Buffett and Sun posing along with four other guests.  A TRON news release said, "The dinner went well with the conversation surrounding the future of cryptocurrency and wise advice from Buffett."
(In a Medium post, Sun provides a number of his highlights from the dinner.)
Buffett has been very vocal over a period of years with his opinion that bitcoin is benefiting from an investment bubble and is not suitable for long-term investors. He does, however, see value in the underlying blockchain technology. Last June, after his winning bid in the "20th Annual Power Lunch with Warren Buffett" auction held on eBay, Sun told CNBC he hoped to change Buffett's negative view of cryptocurrencies, although he wasn't very optimistic.
Even so, he said then, "I want him to learn what the younger generations are doing," by showing him "how much progress we've made" in the past 10 years of the cryptocurrency industry. There's no indication Buffett has softened on bitcoin, but Sun was still enthusiastic after the meal, posting, "Thx for your support & advice on how to take #TRON to the next level! Loved our talk on #Bitcoin , #Tesla & #TRON! Glad to support GLIDEsf as well! C U at # BRK2020 & our reunion meal in 2030!" Sun did manage to nudge Buffett slightly into the cryptocurrency arena, presenting him with one bitcoin, (and some other digital currencies), "safely stored" in a Samsung Galaxy Fold. "Since I gifted him this #Bitcoin, $BTC has increased 16%! Hope it continues to moon!" Sun wrote. (The current price of one bitcoin is almost $9800.)  Along with the bitcoin, Sun also gave Buffett a bronze horse, "since we are both born in Year of the Horse, 1930/1990!" and a "traditional Chinese paper cutting of mouse in celebration of the Year of the Mouse 2020." Sun posted a photo of the meal's receipt, saying "Most delicious meal ever! Thks Warren Buffett for taking us to Happy Hollow Club! $4.56 MIL for a $515.05 dinner was money well spent! The insights I received are priceless." The receipt is signed by Buffett and dated January 23.
(Photos: Ryan E. Dennis/TRON) BUFFETT AROUND THE INTERNET Some links may require a subscription
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Next week, we'll find out what U.S. stocks Buffett and Berkshire were buying and selling in October, November, and December last year.
See you next Friday.
-- Alex Crippen, Editor, Warren Buffett Watch
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