Warren Buffett is not exactly a man open to change. For over a decade, the investing legend has held his annual charity lunch at the Smith & Wollensky steakhouse in New York City, serving the same dry-aged steak they are known for.
But this tradition is getting a revamp from 29-year-old Chinese blockchain entrepreneur, Justin Sun, who won this year’s ‘power lunch with Warrant Buffett’, at a record $4.6 million in May 2019.
Which was financed by ad revenue from BitTorrent, that Tron bought last July.
It’ll be the first time since the ‘power lunch’ began that the luncheon will take place outside New York City and in Sun’s San Francisco.
Last week, Mr Sun told Yahoo Finance, that ‘We want this lunch to be a bridge between the cryptocurrency community and the traditional investor,’ Sun told Yahoo Finance.
Besides a change of location, it seems this year’s lunch is bringing about another exciting change.
Cryptos to create a whole new kind of currency
The integration of bitcoin and other cryptocurrency has been far from smooth sailing, with a lot of false starts.
But it’s something Mr Sun believes is achievable:
‘It might be unrealistic to convince Warren Buffett, in just three hours, to buy cryptocurrencies,’
‘But we want to show him the recent progress of cryptocurrency and blockchain technology. It’s not only about Tron itself, it’s about crypto and blockchain, the whole industry.’
Warren Buffett has previously labelled cryptocurrencies as ‘gambling devices’.
But he has since told Bloomberg that he was ‘delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends.’
This year the lunch will take place on 25 July, at an undisclosed restaurant in the Bay Area. In previous years, Smith & Wollensky donated $10,000 to the anti-poverty auction, Glide. This year, Mr Sun has committed to donate 100,000 to Glide, which will centre on homelessness in the Bay Area.
How bitcoin and crypto can bridge the gap
If there’s one word which sums up cryptocurrencies, it’s potential.
At this very moment, there is the potential for crypto and blockchain to create a whole new kind of currency. One that’s backed by commodities, and that could drastically reduce the wealth divide between the rich and the poor.
And after this year’s power lunch, it might be an idea even the great Warren Buffett could get behind…
If you would like to know more, my colleague discusses cryptos in depth in the video below:
For Money Morning