The charity auction for Buffett; who doubles as the third-wealthiest person in the world, has held for the past 20 years. Justin Sun became this year’s winner with a $4,567,888 bid (breaking the previous record of $3.46 million).
According to the auction guidelines, the winner will be able to bring seven friends for the ceremonial lunch with Buffet at a steakhouse in New York. Proceeds from the auction will go to GLIDE Foundation; a San Francisco based non-profit organization focused on fighting injustice and inequality on behalf of the needy and oppressed communities which includes the homeless, ethnic minorities and those of LGBTQ orientation.
Buffets’s wife is said to have been a GLIDE volunteer prior to her passing in 2004; since then the billionaire investor has maintained commitment to the foundation with over $30 million raised through the auction till this date.
Why this Auction Lunch is is Significant?
Besides the personal recognition, knowledge and publicity which comes with other benefits, a major importance of this auction for Sun is to provide a bridge between the cryptocurrency space and the regular world; and what better way than through humanitarian gestures.
In his statement Sun notes:
BitTorrent (BTT) and TRON (TRX) have US headquarters in San Francisco, and bidding on this charity auction was a key priority for our team. I am proud to have my bid donated to GLIDE, a foundation that provides critical support for our local homeless community.
Another advantage here would be a possible change of mindset for Warren Buffett who had previously criticized cryptocurrencies as having “no intrinsic value”. Through this meeting, Sun who wishes to invite other crypto big wigs to the lunch, will look to correct Buffett’s negative view about cryptocurrency assets.
Many in the crypto community had laughed off Buffett’s notion describing him as an “ancient investor not in on emerging trends.” It is yet to be seen, if this meeting will change Warren Buffett’s critic view of cryptocurrencies.
It will be recalled that Sun had also offered to personally deposit 7000 BTC to Binance following the exchange’s hack. The offer was acknowledged by the Binance CEO from Sun and other donors; but he declined saying: “We are hurt, but not broke.”
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