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.
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.
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.
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