Justin and Warren’s Buffet: What does This Mean for the Blockchain & Crypto Space?
The Glide Foundation
The proceeds from Justin’s winning bid, $4.57 million,will go to the Glide Foundation, a San Francisco-based charity, which Buffett’s late wife supported. The Glide Foundation provides meals and shelter assistance for the city’s homeless, as well as offering support to victims of domestic violence.
TRON was launched in 2017 by entrepreneur Justin Sun; a year later, he became CEO of file-sharing company BitTorrent after acquiring it for $140 million. TRX, the TRON network’s native cryptocurrency’s market cap is currently valued at $2.56 billion, and, at the time of writing, is also the 11th largest cryptocurrency according to CoinMarketCap. TRON’s mission is to create a decentralised entertainment platform, that aims to encourage DApp developers to join the network, with its scalability, reward incentives and excellent transaction speeds. TRON has made significant progress in developing the infrastructure to truly disrupt the trillion dollar entertainment industry! It is this vision of TRON that attracted us to build our social competitive gaming ecosystem on the network.
Earlier this week, Justin officially announced himself the winner of a charity lunch with Warren Buffett, chairman of the holding company Berkshire Hathaway, submitting a record $4.57 million. Most people know Warren Buffett for his shrewd investment strategies that have contributed to his net worth of over $82 billion; or as the third richest person in the world. Buffett, who is no stranger to crypto, has openly criticised Bitcoin on numerous occasions; notwithstanding, he does see a promising future for the wider aspects of blockchain itself.
Justin, who has stated he intends to invite further industry leaders, will hope to begin positive dialogues that will hopefully spark a change in Buffett’s perception. Below are a few quotes from Buffett himself regarding Bitcoin; good luck Justin!
“Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no little bitcoins come out. It’s a delusion basically.”
“[Bitcoin is] probably rat poison squared…”
“You can’t value bitcoin because it’s not a value-producing asset.”
“People get their hopes up that something like[bitcoin]is gonna change their lives,[…]who knows where we’ll be next year.”
As a byproduct of the rise of the crypto-assets class, our perception of value is radically evolving; namely, how we can determine, and exchange value.This new economic paradigm will undoubtedly serve to completely shake up traditional financial institutions and its regulation. In addition to this, crypto is still a way from attaining mainstream adoption, as many still hold the negative connotations associated with crypto and the ‘darkweb’, alongside overarching issues of volatility, accessibility and overall usability.
Positive exposure, education and marketing are of paramount importance as we drive towards the widespread use of crypto. We have seen notable figures like Facebook, IBM, JP Morgan and so on, explore the idea of introducing cryptocurrencies and blockchain to their existing infrastructures; this will only increase as more corporations begin to discover the benefits of doing so — it seems like a matter of time until the use of crypto in world’s largest corporations becomes commonplace.
Justin’s donation, the largest in the annual event’s history, has taken the total amount raised to over $30 million, and certainly serves as a statement of intent: crypto has grown out of obscurity and is beginning to mature as a major player in the twenty-first century. Whilst Justin has commented in a CNBC interview on Tuesday that he wants to change Buffett’s mind on hating Bitcoin, but understands it will take longer than the three hours allocated for the charity lunch.
That said, as previously outlined, exposure and marketing here must be the primary goal. Sure, Buffett’s views on crypto and Bitcoin may remain, but the level of engagement for the crypto space, from outside of the space, will be huge. Having previously missed out on investing in Google and Amazon, Buffett himself has openly acknowledged his disappointment to have missed out on lucrative investments. There’s a reason that large corporations have pledged significant resources to prepare for a tokenised future.
Either way you look at it, there’s been $4.5 million donated towards combating homelessness. Fuelled by the love and passion of blockchain; this contribution will go a long way in providing shelters, food and support to ever growing problem which should not exist in society today!
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