Warren Buffett has long been one of Bitcoin’s most prominent critics. As one of the world’s richest men, who heads the conglomerate and investment giant Berkshire Hathaway (the company behind Dairy Queen, Geico, Duracell, and more), his opinion on any matter is valuable.
Thus, when he said in a number of interviews with mainstream outlets that he is a leading skeptic of Bitcoin, calling it “rat poison squared” on one occasion and claiming that it has the same value as a suit button (a.k.a zero), people listened.
Buffett also said on one occasion that Bitcoin is a “real bubble,” which is ironically what some have said about the stock market over the past few years.
He has been outspoken against Bitcoin for years now, not budging in his belief, save for his sentiment that blockchain, which some say is the “technology that secures Bitcoin,” has value in today’s society.
Thus, when it was revealed in mid-2019 that Justin Sun, CEO of embattled crypto project Tron and BitTorrent, had secured a lunch date with the so-called Oracle of Omaha, everyone both in and out of crypto went crazy.
After months of delay, due to scheduling conflicts and Sun’s purported tussle with kidney stones, the meal finally happened on Thursday. Here are some points Sun shared that are meant to be seen as takeaways from the event.
What Happened at the Fated Lunch-Turned-Dinner?
According to an extensive Twitter thread published by Sun in the wake of the dinner, there were six attendees in total: himself, Buffett, Charlie Lee of Litecoin, Binance Charity Foundation’s Helen Hai, eToro CEO Yoni Assia, and CFO of Huobi Chris Lee. The dinner was held on January 23rd at a restaurant in Buffett’s hometown of Omaha, Nebraska.
Amazing dinner w/ @WarrenBuffett finally! 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! Details below ???? pic.twitter.com/tjulvv2C9k
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 6, 2020
As expected, the food wasn’t the highlight of the meal, it was Sun and Co.’s attempts to convince Buffett of the potential of cryptocurrency.
To try and accomplish this task, Sun did a flurry of nice things for Buffett: he gifted him “his first Bitcoin” stored on a gifted Samsung Galaxy Fold (Samsung has its own blockchain wallet in some regions), two Galaxy Fold devices “with Tron built in” and with an aggregate 1,930,830 TRX ($43,000 worth), a bronze horse, and a paper cutting of a rat in celebration of Chinese New Year.
While Buffett was seemingly impressed by the gifts, he affirmed his belief that Bitcoin is not yet ready to be a proper investment, joking with Sun that his grandson would likely rather own USD than BTC when the time comes for him to inherit the billions Buffett owns.
Even though the investor was not convinced, Sun left the dinner feeling cheery:
He is a master at being prudent, disciplined, & patient who follows his own rules & sticks to them. He has strong convictions, is decisive, & embraces certainties over uncertainties. Thx for the lessons learned & the phenomenal consul! You are my role model!
Buffett Not the Only Remaining Bitcoin Skeptic
Despite Sun’s efforts, it is clear that Buffett is still not convinced of the cryptocurrency trend, and many other prominent investors and commentators would tend to agree.
Ray Dalio — one of the world’s most powerful men on Wall Street, heading the gargantuan hedge fund Bridgewater Associates — said in a recent interview with CNBC that he is still skeptical the leading cryptocurrency due to the fact that it doesn’t have the two primary characteristics as a viable form of money: a reliable store of value and an adopted medium of exchange. Dalio added that in
Dalio is joined by President Donald Trump, who in June 2019 said that he thinks cryptocurrencies are a tool for criminals and have a value that is based on “thin air,” adding that Libra will need to abide by banking rules in the U.S.
Whether or not these individuals will eventually be convinced of Bitcoin’s value in today’s world isn’t clear, though there are many hoping it will happen. Eventually.