Crypto pioneer Justin Sun pays $4.57 million for lunch with Warren Buffett

 Crypto pioneer Justin Sun pays .57 million for lunch with Warren Buffett

By Jennifer Ablan and Jonathan Stempel

(Reuters) - Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans.

Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.57 million at a charity auction to have lunch with Buffett, the billionaire chairman of Berkshire Hathaway Inc.

Sun's winning bid, which the 28-year-old announced on Twitter, was confirmed by the Glide Foundation, whose five-day online auction on eBay ended on Friday night.

Glide is located in San Francisco's Tenderloin district and serves the poor, homeless and those battling substance abuse.

Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions, which began in 2000 and moved to eBay in 2003.

His first wife, Susan, who died in 2004, introduced him to Glide after volunteering for the charity.

Sun, who launched Tron or TRX token in 2017, said on Twitter that he intends to invite industry leaders from the blockchain community to dine with Buffett. The lunch would be held at the Smith & Wollensky steakhouse in Manhattan.

"I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett," Sun tweeted. "I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone."

Berkshire, which Buffett has run since 1965, owns more than 90 businesses such as the Geico auto insurer and BNSF railroad, and invests in stocks such as Apple Inc, Coca-Cola Co and Wells Fargo & Co.

At Berkshire's annual meeting last month, Buffett likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel. "I have to say, bitcoin has rejuvenated that feeling in me," Buffett said.

At Berkshire's annual meeting last month, Buffett likened bitcoin to gambling in Las Vegas.

(Reporting by Jennifer Ablan and Jonathan Stempel in New York; Editing by Cynthia Osterman)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Jun 04, 2019 00:08:31 IST