Even a $ 4.5 million charity dinner wasn’t enough to turn benchmark investor Warren Buffett into a crypto enthusiast.
The chairman and CEO of Berkshire Hathaway, who compared the top Bitcoin in cryptocurrency to rat poison in 2018, remained steadfastly skeptical of the cryptocurrency three years later. He told CNBC that he still views cryptocurrencies as assets of no value and that they don’t produce anything useful.
“What you hope is that someone will come and pay you more money for it [bitcoin]”Said Mr. Buffett.” But then that person has the problem. But in terms of value, you know zero. “
“I don’t own any cryptocurrency. I never will, “Warren Buffett tells @BeckyQuick. #AskWarren https://t.co/0VjIDJSi7L pic.twitter.com/il4cT2hWkP
– CNBC (@CNBC) February 24, 2020
Where is my tron
The comments came two weeks after Justin Sun, founder of the popular blockchain project Tron, sat down with Mr. Buffett at a charity dinner. Other crypto bigwigs also attended the meeting, including Charlie Lee, founder of Litecoin, Chris Lee, CFO of eToro CEO Yoni Assia Huobi, and Helen Hai, director of the Binance Charity Foundation.
Enthusiasts viewed lunch as some sort of milestone that weighed hopes for Mr. Buffett’s possible endorsement of the cryptocurrencies. However, the legendary investor said he viewed Bitcoin and other cryptos as a store of fear rather than a store of value.
However, Mr. Sun claimed that he gave Mr. Buffett some of his Tron tokens. With the investor now refusing to hold a crypto, Mr Sun’s claim seems to be faltering.
“Given that Justin Sun claimed to be giving him TRON, he either threw away the private key or is too embarrassed to say he has TRON,” commented Larry Cermak, the block’s research director.
However, crypto tokens are swelling
Mr. Buffett is not alone in his criticism of Bitcoin, Tron and other crypto tokens. Prominent economists Nouriel Roubini and Robert Shiller, business tycoon Bill Gates and fund managers Howard Marks and Ray Dalio are among the few who have questioned cryptocurrencies because of their legitimacy as a valuable commodity.
Even so, the crypto sector has received support from Jack Dorsey, CEO of social media giant Twitter, as well as Tyler and Cameron Winklevoss, who are largely believed to be the original brainchildren of Facebook, the current boss of Gemini, a US-based crypto company. Exchange.
But with or without the support of bigwigs, the crypto sector is growing rapidly. This can be seen in its total market cap, which has grown from $ 166 billion in December 2019 to $ 278 billion at the time of this writing.
Part of the industry’s gains can be attributed to growing concerns about the coronavirus outbreak in China, coupled with central banks’ easing policies around the world. According to the economist and CEO of Global Macro Investor Raoul Pal, Bitcoin could play an important role in offsetting global risks.
And $ BTC #Bitcoin suggests that an alternative system will gain in probability (it’s like a call option on a new system in my opinion). The price moves are so HUGE (and hence the increase in probabilities is so FAST) that you have to use log graphs … pic.twitter.com/ug5bb7P3Lf
– Raoul Pal (@RaoulGMI) August 7, 2019