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Justin Sun Announces Lunch with Warren Buffet: BitTorrent (BTT) Price Goes “Meh”

justin sun warren buffet tron bittorrent

The BitTorrent (BTT) price is down over 5 percent in the last 24 hours following news of BitTorrent and TRON owner Justin Sun donating a whopping $4.57 million to have lunch with Warren Buffet. The deal was part of an auction that Glide, a San Francisco-based charity, hosted last week.

BitTorrent BTT 24 hour price change

BitTorrent is on the decline after a disappointing announcement from owner Justin Sun. | Source: CoinMarketCap

Sun is the first person to donate over $4 million for the awe-inspiring lunch, beating out the previous record of around $3.5 million in 2016. While Glide and those involved with the auction are likely ecstatic about the donation, others aren’t so pleased.

List of Glide auction winners

Justin Sun outbid last year’s winner by over one million dollars. | Source: Bloomberg

BitTorrent Investors Feel Slighted

Last year, Sun acquired BitTorrent to expand on the development of Project Atlas, TRON’s content distribution platform. Although the connection of the two projects is still in progress, the BitTorrent team has created a native cryptocurrency for the platform which has been trading since February.

In the past week, the BTT price jumped a couple of times due to Sun tweeting about an upcoming June 3rd reveal regarding

“[s]omething huge and amazing going about #TRON and #BitTorrent.”

Naturally, TRON and BitTorrent fans were expecting a revolutionary product launch or unbeatable partnership. Instead, they got lunch with Buffet, the man who believes that Bitcoin is

“probably rat poison squared.”

TRON Holds Steady

While BitTorrent is tumbling down, TRON investors seem less phased by the anti-climatic announcement. The TRX price is up almost a percent in the past day, giving it a 100 percent return on investment since the start of the year.

Tron one-day chart june 3

TRON appears unaffected by the recent news. | Source: CoinMarketCap

It’s possible that TRON’s larger market cap shields it from the volatile sentiment-caused swings that affect its smaller companion. Or maybe TRON’s investors are just used to Sun’s ‘announcement of announcement’ marketing tactics. Either way, it’s interesting to see that the close relationship of the two projects doesn’t lead to correlations with their price movements.

Can Sun Make Buffet a Bitcoin Convert?

It’s unlikely, but the wiz-kid out of Jack Ma’s Hupan University may have a trick or two up his sleeve for his lunch with the Oracle of Omaha. He’s allowed to bring up to seven people with him, so we can only hope that he’ll invite blockchain’s heaviest hitters. Vitalik Buterin, Jimmy Song, the Winklevii – a long lunch with them could be enough for even the biggest Bitcoin-skeptic to change his mind.

In an open letter to the community, Sun writes,

“I look at the upcoming lunch with Buffett as an opportunity to seek mutual understanding and growth…I also firmly believe that with the right communication and understanding, Buffett will change his overall stance on cryptocurrency and blockchain, allowing this new investment strategy to become integrated into his overall portfolio.”

Good luck, Sun. We hope you’re right.

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Getting Started Gold Bars.

ABOUT THE AUTHOR

Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.