Ever since the inception of bitcoin, Warren Buffet has been critical of the nascent industry. He recently stated that he does not have any crypto in his passion. But, Tron (TRX) founder Justin Sun begs to differ.

On February 24, while he was speaking to CNBC reporter Becky Quick, the legendary investor insisted that he has no crypto in any of his portfolios. He also derided its supposed lack of purpose adding:

“I don’t own any cryptocurrency. I never will […] You can’t do anything with it except sell it to somebody else.”

Sun said in a February 25 tweet that he had given the billionaire investor some cryptos. He also noted that blockchain data proves that Buffet has not yet moved any of his gifts of crypto assets:

“The cryptos $BTC/$TRX Mr. Buffett owns remain intact w/ #blockchain proof, which is the beauty of blockchain.”

While Buffet still ‘owns’ some cryptocurrency, Sun admitted that he would not define him as a crypto investor. According to Sun, the value of Bitcoin and Tron that he gave to Buffet has now increased by about 20%.

The billionaire investor supposedly received the crypto gift during his famous charity luncheon that Sun won at an auction sometime last year. The two entrepreneurs met at a private, not-for-profit country club in Nebraska. They were joined by other crypto luminaries, including Chris Lee, the CFO of major crypto exchange Huobi, together with Charlie Lee, founder of the Litecoin Foundation.

Financial Giants Criticize Crypto

Warren does not have any interest in cryptos. He justified his lack of interest by saying that virtual currencies have no value. He added that “Bitcoin has been used to move around a fair amount of money illegally.” Notably, he is not the first member of the group that makes up the world’s financial elite to express distaste towards cryptos.

They mostly disapprove of cryptos due to their supposed prevalence in illicit activities. In an earlier instance, Bill Gates stated in February 2018 that cryptos are a rate technology that is continuously causing death in a fairly direct way. He was speaking while referring to drug-related deaths.

Mark Cuban, just like Warren Buffet, sees Bitcoin as having no significant value. At the end of September 2019, he said that he would rather have bananas than Bitcoin since he can at least eat them.

Buffet has no interest in owning crypto

During an interview on February 24, Warren Buffet said that cryptos do not have any value. The fourth-wealthiest person in the world discussed his impression of Bitcoin after a fundraiser where the long-time believer in crypto, Justin Sun, was in attendance.

In May 2019, the two gathered with many others at a fundraiser for the Glide Foundation, which is a charity organization that helps the homeless people living in San Francisco. While speaking billionaire to billionaire, the young Sun told the seasoned Warren to consider investing in cryptocurrencies.

Nonetheless, when asked whether Sun had given him any Bitcoin after their meeting, Buffet replied:

“I don’t own any cryptocurrency. I never will… You can’t do anything with it except sell it to somebody else.”

He also commented that in recent years cryptos had been associated with numerous incidents of terrorism and money laundering. Buffet is a thriving traditional investor. He made a chunk of his fortune from insurance and hedge funds. Today, he has an estimated net worth of around $88.9 billion.

Crypto Billionaires

Bitcoin has enjoyed major investments from millionaires and billionaires. However, as Warren Buffet demonstrated it, some of the individuals who made their fortunes using more established means are now hesitant to accept cryptos. Mark Cuban, the billionaire who became famous through the dot-com bubble, has also criticized bitcoin.

But, the crypto industry has had its success stories as well. Although Tyler and Cameron Winklevoss may not have gained a significant amount from Facebook, currently, the two now have a cumulative net worth of at least $1.4 billion after launching their crypto exchange Gemini.

Michael Novogratz is another wealthy individual active in the crypto world. He has invested about 30% of his fortune in cryptos since 2015. Sometime in 2017, he announced a $500 million cryptofund that comprises of $150 million of his fortune. Novogratz is now a prominent pundit on Bitcoin’s price movements.

About the author

Wanguba Muriuki is an Editor at Large for E-Crypto News and author of the book- "The Exploitative Intrigues of Cryptocurrency Scams Explained." He is also a passionate creator who sees every aspect of life from a written perspective. He loves Blockchain, Cryptocurrency, Technology, and Traveling. He is a widely experienced creative and technical writer. Everything and everyone is describable. The best description is written.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

Crypto Tax
Crypto Tax Software Developers Get Serious about Standards
February 2, 2023
What Is The Nexo Coin (NEXO)?
What Is The Nexo Coin (NEXO)?
February 2, 2023
Stressed about crypto
The Worst Places in the World to Buy and Hold Crypto
January 27, 2023
What Are Crypto Index Funds?
What Are Crypto Index Funds?
January 19, 2023
money
Can You Make Money Anymore With Crypto in 2023?
January 13, 2023

Automated trading with HaasBot Crypto Trading Bots


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 23,796.38
ethereum
Ethereum (ETH) $ 1,673.91
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 328.97
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.415295
binance-usd
Binance USD (BUSD) $ 0.999582
cardano
Cardano (ADA) $ 0.404586
dogecoin
Dogecoin (DOGE) $ 0.093159
matic-network
Polygon (MATIC) $ 1.23