Bitcoin (BTC), the largest cryptocurrency in the market, could work as a store of fear rather than as a store of value. This is according to Warren Buffett, one of the most important and recognized investors and business magnates in the world.
This happened after the recent dinner that Buffett had with Justin Sun, the founder of the Tron Foundation, Yoni Assia, the CEO of eToro, Charlie Lee, the founder of Litecoin, Chris Lee, the CFO of Huobi and the head of the Binance Charity Foundation, Helen Hai.
Warren Buffett Meets With Crypto Leaders
Warren Buffett has met with Justin Sun after cancelling the original event due to kidney stones. According to the Tron Foundation, they met in Omaha at the end of January. This was a very awaited meeting, considering that Buffett has always been far from the cryptocurrency market.
In order to be able to have dinner with Mr. Buffett, Sun paid $4.5 million at the Glide Foundation in 2019. This was a record bid for the meeting. All the funds are then donated to charity.
It is worth mentioning that Warren Buffett said that Bitcoin was “rat poison squared.” This is why the whole crypto community was waiting for Tron’s Founder to convince Buffett to enter the crypto market placing some investments, or just change his opinion about the whole space.
Yoni Assia explained that Bitcoin was considered to be a store of fear rather than a store of value. On the matter, Assia said:
“He thinks that blockchain technology has value but that none of the companies out there right now are using it correctly. The smartest people say it’s an important technology, just no one really uses it yet.”
Thus, the comments made by Mr. Assia show Buffett is part of the individuals that consider blockchain as a valuable technology but do not understand or like the way it is used with Bitcoin and other cryptocurrencies.
The cryptocurrency market has been expanding in the last weeks and many consider we are in a new bull market. Due to this reason, a larger number of users is starting to enter the market and invest in virtual currencies. The main question is whether this market will continue moving upwards and whether Buffett will change his opinion about digital assets and the crypto market.