One of the more hyped bits of crypto drama from 2019 was Justin Sun “developing kidney stones” and being unable to meet Warren Buffett. The TRON founder promised to reschedule it back in July 2019 and finally came good on his word in 2020, as reported by The Block, February 6, 2020.
Words of Wisdom
TRON CEO Justin Sun finally went through with his charity lunch alongside Warren Buffett. Helen Hai of Binance, Huobi CEO Chris Lee, Litecoin founder Charlie Lee, and eToro CEO Yoni Assia were the guest brought along by Sun.
As per a tweet, Sun and co discussed cryptocurrency and scaling businesses with the multi-billion dollar investment mogul.
Warren Buffett has previously called Bitcoin “rat poison“, but has lauded the utility proposition of blockchains. Sun’s tweet claims he also sent one bitcoin to Buffett, revealing the address publicly. However, Buffett remains an industry critic, happy to limit his exposure to blockchain investment via the likes of J.P. Morgan, but allegedly telling Sun that Bitcoin needs a lot more work to capture value.
Many believed Sun would pull back on his promise to meet Buffett despite paying over $4 million for the opportunity to do so. Sun bought Buffett a Samsung Galaxy Fold with in-built crypto wallets.
Eclipsing the Dollar
Justin Sun claims that when he told Buffett that Bitcoin will be the currency of the next generation, Buffet rebuked this, saying “I’m sure my son would rather inherit my wealth in dollars”. For Bitcoin to become a medium of exchange, prices need to stabilize and bring an end to the explosive volatility seen for the last 10 years.
This can happen in two ways: either Bitcoin matures and price movements slow down or if goods and services are priced in BTC. The latter seems much more viable than the former, as a collapse of the dollar would require the economy as we know it to crumble.
Sure enough, Buffet has a point. The USD does still have utility as a medium of exchange and primary pegging mechanism. Everything is priced in dollar terms – even crypto. In light of this, Buffett’s stance makes sense, as his wealth would be less in liquid dollars and more in appreciating stocks that are priced in dollars.