Sun Yuchen, the founder of the world's 11th largest digital currency wave currency bank TRON, announced on Weibo and Twitter at noon on June 3rd that it successfully broke the luncheon at the Buffett Charity Luncheon for $45.678 million. The highest bid amount record in the year.
Sun Yuchen said that he has always been a long-time believer in Buffett's value investment philosophy. He hopes to invite celebrities in the blockchain industry to communicate with Buffett, thereby enhancing the understanding and friendship between top traditional investors and digital currencies, and truly benefiting the entire industry.
According to Sun Yuchen, a telephone interview with Bloomberg, he believes that people in the investment circle will eventually change their views. "When most people underestimate a technology, investment opportunities are the best." Sun Yuchen also posted an open letter to the encryption community on Twitter, saying that one of the world's most successful investors will inevitably miss the wave of the times. For example, Buffett admits that the investment price of Kraft Heinz is too high, and he does not realize Amazon, Google, Even the value of Apple seems to think that Buffett’s consistent criticism of Bitcoin is a bit “seeing away”.
Buffett later said that he was very pleased that Sun Yuchen, the "Crypto pioneer", won a lunch for charity auctions. "I look forward to seeing him and his friends." Buffett said that the winner of the charity lunch auction can invite up to seven friends to participate. He expects that everyone will have a good time, and the San Francisco Glide Foundation will use the donation to help thousands of people.
Buffett, known as the "share god" and its long-term business partner, Mang, has always been skeptical about decentralized cryptocurrencies such as Bitcoin. Buffett once said at the Berkshire Shareholders' Meeting in 2018 that Bitcoin is the "square of rat medicine" and predicts that "digital currency will not end well". It is a non-productive speculative asset. The value depends on whether there are more people. Take the plate. Munger also nicknamed trading Bitcoin "equal to trading manure."
Wall Street has mentioned that at the Berkshire Shareholders' Meeting in 2019, Buffett once again criticized Bitcoin. He told the media that Bitcoin is a "gambling device" that does not produce anything substantial. Bitcoin "that limited use" is related to fraudulent activity. For example, he can smash the button on a piece of clothing, use it as a small token, and then sell it to others for $1,000 to see if it will rise to $2,000 in a day. Munger’s metaphor for this is “more awkward”, arguing that bitcoin speculators “are celebrating the life and work of the traitor Judas in the Bible”.
Sun Yuchen apparently took a charity lunch with the mission of "Educating Buffett's Digital Currency Knowledge." He said on Twitter that he is looking forward to having lunch with Buffett, which will be a great opportunity for mutual understanding and knowledge exchange. Not only is Wavecoin and its file-sharing application software acquired for $120 million last year. » The new era of BitTorrent will also be an important step in the history of the entire blockchain. "Let's see what happens next."
Speaking of the blockchain, Sun Yuchen and Buffett do have a common language. In his interview with the financial media CNBC in February this year, Buffett, who was nearly 90 years old, said that Bitcoin's underlying technology blockchain "has important prospects", but the success of the blockchain does not depend on encrypted digital currency. Buffett once again insisted that Bitcoin is a "dream" that attracts "swindlers."
Wave field TRON is said to be the world's largest blockchain decentralized application operating system. According to CoinMarketCap.com, the wave currency is the world's largest 11-digit cryptocurrency with a market capitalization of $2.56 billion, while the market value of the industry's largest bitcoin is near. $152 billion. In the past 24 hours, the wave currency has risen by 1.43%, and the price has risen by about 100% this year.
Sun Yuchen’s reason for bidding for Buffett’s charity lunch is similar to that of others, except for the special significance of cryptocurrency education. Sun Yuchen said that he will also trade traditional stocks and read the annual report of the technology company, hoping to learn value investment strategy from Buffett during lunch. The previous lunch auction winners were David Einhorn, the founder of Green Light Capital, who won in 2003, and Ted Weschler, one of Berkshire's current investment directors, won the auction twice and was eventually included in Buffett.
The data shows that this year's Buffett Charity Lunch auction is 38% higher than last year. Buffett has raised more than $3,000 from the Glide Foundation in this way over the past 20 years. The initial lunch auction price was still "normal". In 2001, it was less than 20,000 US dollars. Since 2008, the auction price has soared to more than 2 million US dollars, and both in 2014 and 2016 reached a record high of 3.45 million US dollars.
The new media Quartz said that this year's auction was launched on the eBay auction channel starting at $25,000 on May 24th. The price was higher and the price was basically over $4 million in the last few days. Wall Street has mentioned that at 10:30 on June 1st, Beijing time, the 20th Buffett Charity Lunch Auction ended, and the transaction price reached a record high of 456.88 million US dollars (about 31.54 million yuan). The bid is for an anonymous account S***5 bidder:
In the past 19 Buffett lunch auctions, a total of three Chinese have won the top prizes, namely, Duan Yongping, the founder of BBK in 2006, Zhao Danyang, the “private father of the private equity” in 2008, and Zhu Xi, the former chairman of the Tenjin Entertainment in 2015. . The auction price of Duan Yongping and Zhao Danyang respectively set the highest price of Buffett lunch in the same year:
When he had lunch with Buffett in 2008, Zhao Danyang once recommended to Buffett the stocks of Hong Kong-listed Wumei commercial stocks. After receiving the “consideration” response from Ba Lao, Wumart’s business once rose for four consecutive trading days and held the stock. Zhao Danyang earned 130 million Hong Kong dollars from China.
However, after three years of lunch with Buffett, the Securities and Futures Commission said that Zhu Xi was suspected of violating securities laws and regulations, and will investigate it. The stock price of Tianshen Entertainment, which had “killed the Quartet” in the game market, immediately fell, and then the company’s liquidity suffered a serious crisis. , was exploding a series of financial problems. After the announcement of the results in January 2019, Tianshen Entertainment, which suffered a huge loss of 7.5 billion yuan, was successfully elected as the “loss king” of the A-share earnings season.
Source: Wall Street
Author: DU Yu