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Convincing Warren Buffett to buy cryptocurrency in just three hours is unrealistic, admits Tron’s Justin Sun

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Tron's Justin Sun praises Buffet's business strategies; would attempt to explain crypto and blockchain space
Source: Pixabay

Justin Sun, Tron Founder and BitTorrent CEO, won a bid to legendary investor Warren Buffett’s charity lunch for the Glide Foundation. Soon after the news broke out, the crypto-community was left wondering if the large sum of money was worth it, considering Buffett’s blatant hostility towards digital currency and the asset space.

However, Sun dismissed such concerns. In a recent interview with Yahoo Finance, Sun praised Buffett’s business strategies and stated,

“I have been a believer of long-time value strategies and I also make lots of money from these strategies, so this is like a payback for Warren Buffett”

Justin Sun hopes this lunch will be a bridge between the cryptocurrency community and traditional investors. However, Sun admitted that it might be “unrealistic” to convince Warren Buffett to buy cryptocurrency in just three hours.

The larger picture, according to Sun, is not just about Tron, but about the entire cryptocurrency ecosystem and blockchain technology. He further revealed that he wants to show Buffett the cryptospace’s recent developments and programs.

Sun had previously called the lunch “a unique opportunity” to explain the potential of the ecosystem, which is still in its formative years, to Warren Buffett and the world.

Sun paid $4.56 million for the charity lunch, with the revenue generated via ads from the San Francisco-based BitTorrent’s clients which is a communication protocol for peer-to-peer file sharing. It has nothing to do with cryptocurrency, the 29-year old crypto tycoon said.

Buffett has previously acknowledged the utility of the underlying blockchain technology. However, he hasn’t been very appreciative of Bitcoin, the digital currency built on the said technology. He had said,

“It’s a gambling device…there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it.”





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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