Business & Finance

$4.57 Million Crypto Lunch: Justin Sun and Buffett’s Lunch Extravaganza

One of the most highly anticipated lunches in crypto history, featuring the founder of Tron, Justin Sun and the renowned investor Warren Buffet, is nearing and its table is growing as more notable names from the crypto industry join in.

The story behind the forthcoming crypto power lunch, that is scheduled for July 25th, kick-started when the Chinese cryptocurrency pioneer Sun revealed that he bid the record of U.S. $4.57 million at a charity auction in order to win a table with the billionaire chairman of Berkshire Hathaway, Warren Buffet. Unsurprisingly, his huge donation was the winning bid which the 28-year-old announced on Twitter.

Soon after, his winning bid was confirmed by the Glide Foundation, which is a San Francisco-based foundation dedicated to serving the poor, homeless and those battling substance abuse. Glide hosted the auction that won Sun a lunch with Buffet, on e-bay for a period of five days.

The lunch is undoubtedly going to be high profile considering both the parties involved. As for the whereabouts, Sun is milking the auction for all it’s worth as he has chosen a three Michelin starred restaurant for the lunch. According to his social media announcement, he has chosen San Francisco’s Quince for the $4.5 million meal. Sun said in his blog post:

After narrowing the choices to three, I ultimately chose Quince because its food represents the traditional and the upstart — much like the participants in the lunch itself.

Between the 88-year-old American billionaire Warren Buffett, dubbed “the Oracle of Omaha”, and the 29-year-old Chinese cryptocurrency entrepreneur Justin Sun, once described by Chinese state media as “the face of China’s millennial entrepreneurs”, it’s slightly hard to imagine a lunch where the guests contrast as starkly as this. Even their rise to fame differs from one another.

Sun’s rise to fame coincides with China’s three-decade economic boom and is linked to “virtual economy”. Whereas Buffet, the international investment guru, built up his fortune by investing in business with tangible products which built his net worth of $84 billion.

Buffet also steers clear of businesses that he cannot understand and never invests in them either. Interestingly enough, cryptocurrency and blockchain come under the list of businesses that he just doesn’t get. Once he reportedly went as far as calling bitcoin “probable rat poison squared”. However, he seemed delighted about the lunch with Sun and according to reports, in a statement provided by his assistant, Buffet said:

I’m delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends.

Buffet mentioned friends because Sun has been given the liberty to invite up to seven people to the table. So far he has invited some of the leading names of the crypto industry to dine with him. Sun has sent out invites to the Litecoin creator Charlie Lee, who became the first guest to join Sun’s lunch extravaganza with Buffet and Livio Weng of the Singaporean cryptocurrency exchange Huobi. Allaire, co-founder and CEO of Goldman Sachs-backed payments company Circle, also received Sun’s invite and he accepted within a matter of minutes.

CEO of the social trading and multi-asset brokerage company eToro Yoni Assia is also among Sun’s guests. However, Assia more of pushed for the invite himself as opposed to waiting for it like everyone else. He was straightforward about it on social media in his reply to Sun’s tweet where he invited Allaire.

Assia’s strategy worked and he received an invite from Sun which is obviously quickly accepted, saying that it’ll be an honor to join the lunch and that it will be a big step in bridging the gap between the traditional financial world and the new one.

Another one of Sun’s recent guests is associated with the arguably the most famous cryptocurrency exchange, Binance. Helen Hai serves as the head of Binance Charity Foundation and her addition to the table opens the door for discussion on crypto and philanthropy. Sun’s choice of guests is interesting and clearly suggests that he is going in prepared with the right mix of people in the hopes of educating Buffet on cryptocurrency and its underlying technology, blockchain.

READ ALSO: Bitcoin Failed as Payment Method – Do Banks Really Need to be Afraid of it?

Sun has hand picked the best from different aspects of the crypto ecosystem to ensure that true essence of the cryptoverse can be explained to Buffet. With Litecoin’s Lee, he can open up a discussion about cryptocurrency other than bitcoin. With Huobi’s Weng, there can be a discourse on the workings of cryptocurrency exchanges. The presence of Circle’s Allaire is a very smart move as it presents the possibilities of the traditional financial world meeting the new virtual world.

Meanwhile, Assia of eToro is famous for bringing millions of users closer to financial markets with strategies aimed at promoting “social trading”. His social outlook and experience will bring a lot to the table. And lastly, with Binance’s Helen Hai, it seems that Sun is hoping to steer the discussion to crypto meeting philanthropy. All in all, there are possibilities that the discussion will be around interesting topics such as technological reliability, potential developments, opportunities for expansion of philanthropic initiatives thanks to cryptocurrencies, etc.

Furthermore, Sun also invited the famous Changpeng Zhao (CZ), CEO of the largest cryptocurrency exchange by trading volume, Binance. However, he was the only one to decline the offer, explaining that it was “too far” for him. However, he did recommend Anthony Pompliano, in his place for the lunch but Justin Sun seems to not have taken that into account as of yet.

Justin Sun’s choice of guests has majorly been well received by the crypto community; however, not even Sun can keep everyone happy. Some have criticized him for having an excess of people from the crypto trading world and enough Bitcoin advocates.

It is evident that the table will be filled with company starkly different from Buffet, which will make for an interesting conversation. Who knows? Maybe it all ends with the food. Or maybe the brightest from the crypto world can lure in the billionaire into the crypto space. We’ll know for sure next week.

READ ALSO: Bitcoin & Cryptos are Adding Multipolarity in Global Currency Competition

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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