Bitcoin and the larger cryptocurrency community is looking forward to having a flag-bearer-in-chief representing the decentralized currency to perhaps, the most outspoken anti-crypto investment pioneer in history. The Warren Buffett – Justin Sun dinner, worth $4.5 million, would be an interesting event, to say the least. However, some within the cryptocurrency space have dismissed the event as a waste of time.
Jimmy Song, a BTC developer and author of Programming Bitcoin, stated that Buffett’s affair with cryptocurrencies is “10-15 years” off. Song’s opinion of the Berkshire Hathaway CEO’s probable flip towards cryptocurrencies at the hands of Tron’s Sun is not enticing due to the adoption fervor and the mainstream attention that will be ushered in, but because that it should not be the focus of the industry at the moment.
Emphasizing the use-case of Bitcoin as an investment diversifier, Song stated that the prime focus should be on expanding BTC as a store of value. He highlighted three, among many other key channels as a VC funding option who are “tired of the ICO/blockchain hype” to balance out the portfolio of pension funds and family offices that peg stocks and real estate as being too “frothy.”
Song’s tweet read,
IMO, it’s about 10-15 years too early for Warren Buffett.
The people to convince right now are VC’s who are tired of the ICO/blockchain hype, pension funds that want portfolio diversification and family offices that think real estate and stocks are frothy.
— Jimmy Song (송재준) (@jimmysong) June 3, 2019
Buffett’s attitude towards cryptocurrencies mirrors the CEO’s attitude towards technology stocks. The Oracle of Omaha’s persistent avoidance of tech stocks was because he did not understand the sector, and if Buffett doesn’t understand, Buffett doesn’t invest.
Having called the over $140 billion financial asset Bitcoin “rat poison squared,” and a “delusion” which only “attracts charlatans,” it can be speculated that Buffet’s ill-will towards the cryptocurrency industry emanates from a lack of understanding of decentralized currency and the foundation of blockchain technology.
All hope is not lost however. Buffett and Berkshire Hathaway flipped their opinion on technology stocks by purchasing shares in Amazon [AMZN] quite recently. Hence, a cryptocurrency embrace could also be forthcoming, and it could occur in the window cited by Song. With time thus, Buffett could pull a Jamie Dimon and launch a Berkshire Hathaway coin.
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