Tron CEO Justin Sun is moving his $4.6 million lunch date with Warren Buffett to “the heartland of tech” aka Silicon Valley. This is the first time since the annual “power lunch” tradition started in 2000 that the meal will take place in San Francisco.
“We want this lunch to be a bridge between the cryptocurrency community and the traditional investor,” Sun said to Yahoo Finance on Monday, who is trying to draw Buffett out of his comfort zone.
Indeed, the traditional investor is as conservative in taste as in investments.
Smith & Wollensky steakhouse in New York City has hosted the Buffett luncheons since 2004, where the Oracle of Omaha reportedly orders the same medium-rare steak with hash browns and a cherry coke, according to an interview with CNBC.
“It might be unrealistic to convince Warren Buffett, in just three hours, to buy cryptocurrencies,” said Sun. “But we want to show him the recent progress of cryptocurrency and blockchain technology. It’s not only about Tron itself, it’s about crypto and blockchain, the whole industry.”
Though Buffett has expressed doubts about cryptocurrency in the past – most recently calling it “a gambling device” at his annual shareholders’ convention – he told Bloomberg that “I’m delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends.”
Sun previously said he will invite seven crypto industry leaders to the event.
The meeting will take place at an undisclosed restaurant in the Bay Area on July 25. In years past, Smith & Wollensky has donated $10,000 to Glide, the anti-poverty charity the auction is set up to benefit.
Sun committed to donating an additional $100,000 to Glide, which directs its efforts to homelessness in the Bay Area.
Sun told Yahoo Finance the lunch was bought with ad revenue from BitTorrent, the file streaming service that Tron bought last July. Originally billed as a blockchain platform for the entertainment industry, Tron’s cryptocurrency Tronix (TRX) is mostly used for sports gambling. It is the 12th largest coin by market capitalization.
In addition to running the Tron Foundation, Sun is CEO of Peiwo, a Chinese social platform built around voice recognition. He was also an early investor in Tesla, another company Buffett bet against.
Tron price analysis: TRX/USD bulls are struggling with critical price area at $0.0400 on its independence day
- Tron price on Tuesday is trading in negative territory, nursing losses of some 1.5% in the second part of the session.
- The Tron foundation will be completing a large scale TRX token buy-back plan over the coming year to 2020.
The Tron CEO and founder Justin Sun was recently tweeting to the community, noting that today marks Tron’s (TRX) independence day. It was this time last year when Tron migrated off Ethereumblockchain as an ERC20 token, to the launch its own Tron mainnet.
Tron foundation in an official blog post named ‘Announcement on $20 Million TRX Buy-back Plan and 2020 TRX Holding Plan by TRON Foundation’.
The detailed program is going to have the widest coverage in the secondary market. It will last for a year and will include buying back TRX from the secondary markets in batches with no less than $20 million.
TRX/USD daily chart
Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
Tron celebrates its Independence Day, Longhash on the risk of a 51% attack and more
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