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BitTorrent CEO Hopes $4.5M Lunch Can Change Buffett's Mind On Cryptocurrency

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BitTorrent CEO Hopes $4.5M Lunch Can Change Buffett's Mind On Cryptocurrency

Billionaire investor Warren Buffett hosts an annual charity fundraiser in which the top prize is a lunch date with the "Oracle of Omaha" himself. This year's winner was crypto entrepreneur Justin Sun, who paid $4.57 million and plans to talk to Buffett about "how much progress" the crypto industry has made, he told CNBC.

What Happened

Sun is the founder of Tron and CEO of BitTorrent. He told CNBC's Becky Quick Tuesday that he's a longtime believer in Buffett's long-term investment strategy.

Sun said he wants to help pay Buffett "back for his inspiration" by donating to the Glide Foundation, which helps homeless people in BitTorrent's home base of San Francisco.

Why It's Important

Buffett's aversion to cryptocurrency is no secret — he's called bitcoin "rat poison squared."

Yet Sun said Buffett lacks an understanding of the industry and may also have been misled by the media.

The cryptocurrency industry has made a lot of progress over the past 10 years, but Sun said he doesn't think Buffett's mind can be changed in three hours.

"We will offer him a different opinion on bitcoin and blockchain technology." 

What's Next

Sun said he is allowed to bring seven guests with him to meet Buffett and has yet to finalize a guest list; he told CNBC he will include a group of people that "represents the whole industry."

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Posted-In: BitTorrentBitcoin Blockchain CNBC Justin SunCryptocurrency News Markets Media Best of Benzinga

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