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Binance CEO reacts to Warren Buffett’s statement about cryptocurrency not having any value

Image by CZ from Twitter

Thu, 27 Feb 2020, 09:14 am UTC

Berkshire Hathaway CEO and Chairman Warren Buffett reaffirmed his aversion towards cryptocurrencies in his recent interview with CNBC’s Becky Quick on Monday. The investor said that cryptocurrencies have no value and don’t produce anything. He added that he doesn’t have any cryptocurrency and has no plans to invest in it.

Changpeng “CZ” Zhao, founder and CEO of Binance, took to Twitter and reacted to Buffett’s statement. The Chinese-Canadian business executive reacted with sarcasm saying “crypto doesn’t have to be used by everyone.”

@justinsuntron? he knows how to sell that bitcoin? Or we can consider that’s 'burned'? Nice effort, but you can only take a horse to water... This is why I rarely try to convince anyone. Their choice. Crypto doesn’t have to be used by everyone. My grandma never used USD,” CBZ wrote.

“I will continue my efforts on teaching grandmas to use crypto. Crypto for all!” Sun, founder of cryptocurrency TRON and CEO of file-sharing company BitTorrent, commented.

Last year, Buffett and Sun, founder of cryptocurrency TRON and CEO of file-sharing company BitTorrent, had dinner and the latter shared a snap of their outing on Twitter. In his post, Sun wrote that Buffett was convinced of the potential of blockchain and he has many portfolios exploring it. However, Buffett felt that bitcoin needed a lot of work to capture the value of blockchain.

Buffett’s statement about cryptocurrency irked many citizens especially those who are into cryptocurrency. Another Twitter user commented on CZ’s post and wrote that he respects Buffett’s accomplishment in life, however, she found his views “outdated.” “This is the same guy who didn't understand how the internet worked and said Google and Amazon would fail,” @fatelviscrypto commented.

Meanwhile, Sun apologized for over-marketing his lunch with Bufett. In a deleted post, he said he was “ashamed for my over-marketing. I want to deeply apologize to the public, media, leaders, and the related regulatory authority who cared about me.”

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