Categories: Cryptocurrency

Sun gets burned: Warren Buffett denies TRON CEO gifted him Bitcoin

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Billionaire investor Warren Buffet says he does not own any Bitcoin, despite Justin Sun reportedly gifting him one at their recent dinner.

Sun, the founder of the TRON (TRX) cryptocurrency, paid US$4.6 million [AU$6.98 million] during a charity auction in order to have dinner with Buffett, the CEO of Berkshire Hathaway and who is worth a staggering $88.9 billion.

Justin Sun later posted details about the dinner, including the several gifts he brought for Buffett. Overall, Warren Buffett received a bronze horse statue (both Sun and Buffett were born during the Year of the Horse), a traditional Chinese paper cutting of a mouse (2020 is the Year of the Mouse), almost 2 million TRON (worth just over $38,000), and a Samsung Galaxy Fold that contained a single bitcoin.

Warren Buffett denies having any cryptocurrency

However, Buffett told CNBC’s Squawk Box on Monday that he does not hold any cryptocurrency, saying unequivocally, “I don’t have any bitcoin.”

In fact, he doubled down on his negative opinion on all things crypto, stating that cryptocurrencies “have no value, and they don’t produce anything.”

He then added, “Cryptocurrency can’t reproduce. It doesn’t deliver. It can’t mail you a check. It can’t do anything. What you hope is that somebody else comes along and pays you more money for it later on, but then that person has got the problem.”

Buffett said that neither he or Justin Sun changed each other’s opinions on cryptocurrency during the dinner. Warren Buffett said the dinner was quite pleasant and that Sun and his companions “behaved more than well.”

Buffett then launched into his worn-out tirade about how Bitcoin and other virtual currencies are synonymous with illegal activities. He quipped that Bitcoin would help “short suitcases” as he says criminals would now be less likely to carry suitcases full of money as they could now use BTC.

Good for charity

One good thing that came out of the dinner was a large amount of money raised for charity. Sun’s bid of $4.6 million went to the Glide Foundation, which helps the homeless in San Francisco.

The Glide Foundation was founded in 1929, and Buffett has helped raise roughly $32 million for the charity.

The Glide Foundation provides food, housing assistance, family services, and healthcare to those in need. Sadly, there is a lot of need, as there are an estimated 9,784 homeless individuals in the city.

The dinner between Justin Sun and Warren Buffett took place at the Happy Hollow Club in Omaha, Nebraska. The total bill for the dinner came out to $515.05. Sun was able to bring four guests with him: Litecoin creator Charlie Lee, eToro CEO Yoni Assia, Huobi CFO Chris Lee, and Binance Charity Foundation head Helen Hai.

Jeff Francis

Jeff has taken a roundabout way to becoming a cryptocurrency writer. He has always had a huge interest in history, which led to him receiving a degree in medieval history. He once thought of becoming a teacher but eventually joined some friends in opening a hobby shop. Jeff eventually took over sole proprietorship of the business and ran it for over 10 years. He then moved on to online selling and then into gaming journalism. He has spent the last 10 years writing professionally for various websites as well as creating content for many businesses. A few years back, he began hearing about Bitcoin and the rise of other cryptocurrencies. A proponent of allowing people to take economic power into their own hands, Jeff has enthusiastically supported cryptocurrencies, not to mention the many benefits of blockchain technology. This interest propelled him to becoming a writer for, and later editor of, several cryptocurrency-focused websites. Jeff is a lifelong geek and gamer. He tries to keep up with the slew of TV shows and movies that fall into the fantasy/sci-fi/superhero genres, and he still plays pen-and-paper role-playing games on the weekends. He lives in Florida, USA, as he cannot stand cold weather.

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Jeff Francis

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