The billionaire’s lunch with Tron’s founder. Estimates for the industry and the currency of the … heritage. Developments in Germany on the issue of cryptocurrencies.
The long-awaited lunch between Warren Buffett and Justin Sun, founder and CEO of Tron’s cryptocurrency, which included other prominent figures in the space, was finally held. We recall that Sun had won the auction that Buffett runs every year to have lunch with him for a record $ 4.5 million.
There, Buffet received his first cryptocurrencies in the brand new ‘Samsung Galaxy Fold’. A few days ago Sun wrote his impressions. We’ve listed some conversations that Buffett said and we present them to you:
* Business relationships are like love. You have to be lucky to find the right match. If you are not sure from the beginning that this is something unique, then it is not. He cited the example of his close colleague Charlie Munger, whom he met when he was young and working together in a grocery store.
* When Sun conveyed his view that Bitcoin would be the currency of the future, Buffett humorously replied that he was sure his grandchildren would prefer to receive their inheritance in dollars!
* Investments, unlike medicine and sports, are one of the few areas where you are not limited in age and rely on experience.
* If you had a crystal ball that was pointing to the future and warning you that smartphones would change the world in 10 years, would it be a good idea to invest in mobile phones? No, because none of the companies that worked there survived except Apple.
* The auto industry has tremendous momentum. Elon Musk is a great entrepreneur, but “Tesla“ is not a good investment. The automotive industry has fierce competition and many aggressive players. Once in the US there were 2,000 car manufacturers, but in the end only three survived and they didn’t do so well. The car industry may have changed the world and improved our quality of life, but no investor benefited.
* Something similar is happening with the electronics industry. The blockchain has value and its contribution will be crucial. There are many impressive companies in the payment space, but that space is highly competitive.
Something strange is worth noting. While Buffett’s meeting with people from the cryptocurrencies took place on January 23, it was kept secret! Photos and details of the meeting were revealed on February 6.
What makes it even more strange is that the Sun is publicly addicted. He gets a bunch of tweets every day even for the most incredible details and yet his life appointment (as he described it) kept it secret for days. It is noteworthy that two days after lunch with Buffett, he posted on Twitter a photo of Charlie Lee, founder of Litecoin, who was also present at the lunch but did not mention anything about Buffett. Does this mean anything?
Developments for the Custodian from Germany
From the land of mysteries and luxurious meals, we go to another country closer to us, Germany. According to Handelsblatt, 40 German banks have expressed interest in obtaining a cryptocurrency license.
The new anti-money laundering law allows banks to offer and maintain in addition to traditional securities such as shares and bonds, and cryptocurrencies such as Bitcoin, Ethereum or Ripple.
Cryptocurrencies have gained tremendous importance in recent years, says Handelsblatt. Their capitalization is constantly increasing, but the big problem is the anonymity that gives criminals or terrorists room. The market is growing faster than the Federal Ministry of Finance has predicted.
One of the banks that have shown strong interest is Berlin-based Solarisbank. For this reason, the bank set up a subsidiary, Solaris Digital Assets, with the aim of obtaining a license to store Bitcoin and other cryptocurrencies on behalf of their customers.
The cryptocurrencies are “bare” digital assets. If you steal or lose the password that your crypto represents, it’s like losing your bank notes. Unlike losing your bank account passbook where there is no impact. The only inconvenience is asking them to give you another one, as the deposits are recorded on a bank server. There is evidence that the bank owes them. That’s not the case with Bitcoin. The responsibility is solely individual.
This particularity prevents many from owning cryptocurrencies. But if this is resolved, as they all show, it is needless to say that the impact on the adoption of cryptos will be cosmogenic.
