Earlier this year, Justin Sun had a sit down with Warren Buffet to discuss cryptocurrencies. This meeting was hailed by Justin Sun as a successful one. In fact, at the end of it, he awarded Buffet over 5 million in TRX coins worth around $110,000 at the time of the meeting. This meeting was a sign that Buffet was more open to the idea of cryptocurrencies. But now, he is back at bashing cryptocurrencies. The meeting was simply a show.
So, did Sun’s $4.6 million ring bells in Warren’s current anti crypto stance?
Buffet Denies Any Crypto Holdings
Buffet in an interview with CNBC denied owning any cryptocurrencies. He added that he will never own cryptocurrencies. Going out of the meeting with Sun, many including Sun were quick to say that Buffet had changed his opinion on Bitcoin. This after being very critical of the digital asset In the past.
— CNBC (@CNBC) February 24, 2020
One of the most used extracts was that he said Blockchain held much promise but cryptocurrencies had a long way to go. The man who once termed Bitcoin as rat poison is now back at it. By every indication, his dinner with Sun was just a show and him being polite.
His remark, ‘I don’t own any cryptocurrency” has also come as a surprise. Best guess is that he sold off the over 5 million TRX gifted to him by Justin Sun. Possibly, as soon as he could.
Crypto Community Reacts to Warren’s Anti Crypto Status
The crypto community is up in forks. Most crypto influencers have not taken Buffet’s recent remarks lightly. Popular analyst Gabor Gurbacs noted jokingly that he sounds like a Bitcoin Maximalist.
— Gabor Gurbacs (@gaborgurbacs) February 24, 2020
This was backed by analyst Mati Greenspan who noted,
— Mati Greenspan (@MatiGreenspan) February 24, 2020
Although they both jokingly state that maybe Buffet owns Bitcoin but no other cryptocurrency it is clear that he does not think any, including Bitcoin, hold any value.
The primary economic contribution of bitcoin is an increase in savings because bitcoin is sound money.
People like Warren Buffett want you to save less, not more. They want you to invest in their stonks, or consume their products.
This is why Buffett hates bitcoin.
— Pierre Rochard (@pierre_rochard) February 24, 2020
The recent developments come just hours after Pompliano noted that in the last decade, Bitcoin has outperformed Buffet’s portfolio. His lack of adoption as noted by Pomp, as seen him lose out in the last decade and this means though he will always an investment legend, it is because of previous decades and not the present.