Published:
June 3, 2019 2:40 PM UTC

Tron CEO’s Childish Warren Buffett Stunt Batters BTT Cryptocurrency

By CCN: The BitTorrent cryptocurrency price tanked over 6% in Monday trading after Tron CEO Justin Sun's latest announcement stunt flopped in hilarious fashion. Tron Founder Will Pitch Crypto to Bitcoin Hater Warren Buffett It turns out Sun was the mystery bidder who won a…

By CCN: The BitTorrent cryptocurrency price tanked over 6% in Monday trading after Tron CEO Justin Sun’s latest announcement stunt flopped in hilarious fashion.

Tron Founder Will Pitch Crypto to Bitcoin Hater Warren Buffett

It turns out Sun was the mystery bidder who won a charity lunch auction to dine with investing oracle Warren Buffett. This year is the 20th anniversary of Buffett’s annual charity “power lunch” auction, and a record-setting bid of $4.5 million for the lunch date made headlines Friday. The previous record was $3.45 million in 2016.

Shortly after the news broke, Justin Sun took to Twitter for one of his infamous Tron and BitTorrent price-pumping “pre-announcements.” The crypto tycoon breathlessly told Tronsters to “stay tuned” for a “Big reveal.”

‘Please Tell Me This Isn’t the News’

But cryptocurrency traders are feeling bearish about BitTorrent (BTT) and Tron (TRX) Monday. CoinMarketCap showed Tron’s price had dropped 3% after the big reveal, outpacing Bitcoin’s minor pullback. The BitTorrent cryptocurrency suffered an even larger downturn.

The BTT cryptocurrency tanked after Justin Sun’s Buffett lunch failed to impress. | Source: CoinMarketCap

The announcement was more than disappointing for cryptocurrency investors and traders, who apparently expected something more substantive. News of the lavish expense for a lunch with an investor who hates crypto unleashed a savage barrage of blowback:

BitTorrent Price and Crypto Credibility Take Another Hit

“It’s rat poison squared,” Berkshire Hathaway CEO Warren Buffett said of Bitcoin at the Berkshire annual shareholder meeting in May 2018. | Source: Shutterstock

Though BitTorrent’s price had been cooling, it heated up after Sun’s announcement tease Friday. He didn’t say anything substantive in the tweet, so speculators deserved to lose their money.

But crypto markets apparently anticipated something substantive. Maybe something more like $4.5 million invested in project development.

A former BitTorrent executive said in January that there’s “no way” Tron’s blockchain can handle the high rate of BitTorrent transactions. Instead of investing that much disposable cash in Tron scalability, Sun blew it on a self-aggrandizing vanity lunch with a man who’s made a fortune on Wall Street and doesn’t conceal his hatred for crypto.

Many crypto enthusiasts dream of mass adoption. But the industry’s leaders should be careful not to leave the “adoption” part out in pursuit of the mass part.

What is it that they want the masses to adopt? Watered down, centralized, corporatized altcoins, or the Internet of Money?

This article was edited by Josiah Wilmoth.

Last modified: January 10, 2020 3:31 PM UTC

W. E. Messamore @thehuli

Markets Contributor for CCN living in Nashville, Tennessee. Bachelor of Business Administration from Belmont University in 2009 (majored in Entrepreneurship). Organized Senator Rand Paul's first and second online fundraisers in 2009. Correctly predicted the bitcoin bull market of 2019. Roving editor for the Independent Voter Network since 2013. Email me | Follow Me on Twitter (followed by: fmr Rep. Ron Paul (R-TX), Sen. Rand Paul (R-KY), fmr NM Gov. Gary Johnson, and Rep. Thomas Massie (R-KY))

Show comments