Chinese Crypto Entrepreneur Justin Sun Won Warren Buffett Lunch with $4.57 Million Bid
Justin Sun, founder of blockchain project Tron and CEO of BitTorrent, revealed on Monday June 3 that he had bid a record-breaking $4.57 million to win the charity lunch with Warren Buffet, the third richest person in the world.
Justin Sun, known as Sun Yuchen in Chinese, is a household name and contentious figure in crypto space. This post 90s young man describes himself as “the best disciple of Jack Ma (founder of Chinese e-commerce giant Alibaba)”, though the latter has denied. In 2017, Sun launched blockchain project Tron and raised about $70 million in an initial coin offering (ICO). Last year, he bought San Francisco-based peer-to-peer file sharing protocol BitTorrent for $120 million.
“I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy. As some of you might know, the CEO of Berkshire Hathaway has said publicly he sees no ‘unique value’ in Bitcoin, the world’s largest cryptocurrency. Yet, he has pointed to the potential in blockchain, the underlying technology behind all cryptocurrency,” Sun wrote in an open letter to the crypto community soon after the announcement.
“The long-term value investment strategy and cryptocurrency, in my eyes, are one and the same. We in the community know we have a long road ahead of us to educate the mainstream on blockchain’s value and proper use cases. Rather than trying to get rich quick, we aim to counsel everyone that investment should be about vision and execution.”
The move of Sun this time has won him a lot of applause and praise in the Chinese crypto community, though he was seen as a hype machine and despised by many crypto entrepreneurs in the country who are doing things rather than making marketing bombast.
— CZ Binance (@cz_binance) June 4, 2019
Considering Buffett’s popularity in China where he is known as “god of stocks”, winning the auction could also bring marketing value. As an immediate response to the announcement, Tron token surged 8% in minutes’ time.
It is known all proceeds from his eBay ”Power Lunch with Warren Buffet” auctions will go to the San Francisco-based charity organization Glide Foundation. Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions since 2000. His first wife, Susan, who died in 2004, introduced him to Glide after volunteering there.
The legendary investor has been known for his distaste for cryptocurrency, calling bitcoin “probably rat poison squared.” While he’ll now have to dine with this cryptocurrency fan and his seven friends. What would the conversation come out to be, all about blockchain and crypto? It’s grabbing the attention from both the traditional financial sector and the alleged disruptive crypto space.