Crypto Tycoon Explains Why He Paid $4.6 Million for Lunch With Warren Buffett

Cryptocurrencies and blockchain technologies have become increasingly hard to ignore. Case in point: It will be front-and-center at the upcoming lunch between legendary investor Warren Buffett and blockchain company founder, Justin Sun, for which Sun paid a record $4.6 million this year.

Each year, Berkshire Hathaway (BRK.BGet Report) chief Buffett auctions off a lunch with himself in an event that garners nearly as much attention as his company’s annual shareholder meeting. Proceeds from the lunch go to support the Glide Foundation, which helps the homeless population in San Francisco. The $4.6 million paid by the 29-year-old Sun this year surpassed last year’s record of $3.3 million bid by an anonymous winner (the first lunch with Buffett in 2000 went for a mere $25,000).

TRON founder and CEO Justin Sun
TRON founder and CEO Justin Sun

Sun, who founded the roughly $2 billion market cap cryptocurrency Tron and whom we profiled earlier this year, and Buffett couldn’t have more different views on crypto. As recently as this year’s Berkshire Hathaway shareholder meeting, Buffett likened flagship cryptocurrency, bitcoin, to a seashell that “just sits there” and in the past Buffett has likened it to “rat poison squared.” 

In an interview with TheStreet, Justin Sun explained that he’ll make his case for cryptocurrencies to Buffett at the lunch, whose date is as yet unscheduled.

TheStreet: Why meet with Buffett at all, given his skepticism towards cryptocurrency?

Justin Sun: I see this as a unique opportunity to help give not just Buffett but the world a better understanding of the potential for cryptocurrency and blockchain. The industry is relatively young, so it’s pretty likely Buffett will not have had as much exposure to it as he has for, say, food and beverage.

TS: What role could Buffett play in cryptocurrency investment or adoption?

JS: He could play any role he wants, really. He could invest or endorse investment in the industry. He could be neutral about the industry…

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