Changpeng Zhao, the founder, and CEO of Binance believes it’s fine if rich investors like Warren Buffett don’t invest in cryptocurrencies because it’s not for everyone. Zhao feels it would be prudent for Berkshire Hathaway CEO Warren Buffett to remain out of it.
Warren Buffett doesn’t need to invest in crypto, Binance CEO says
Warren Buffett doesn’t need to invest in crypto, says Binance CEO. “I couldn’t persuade him to invest in cryptocurrency. I don’t believe that everyone should invest in cryptocurrency “On Yahoo Finance Live, Zhao stated. “My mother isn’t a big internet user, which is good. The internet works perfectly. My mother is in good health. So, in general, I believe in a free world. We don’t have to persuade everyone to use cryptocurrency; it’s only for those who want to utilize cryptocurrency.”
Zhao lauded Buffett’s investing abilities after reading “Warren Buffett: Inside the Ultimate Money Mind,” a book about the Oracle of Omaha.
“I just came across it recently, and it’s a fantastic book,” he remarked. Buffett is a well-known businessman who “has a number of timeless investment theses. That is still true in the case of cryptocurrency. It’s just that crypto isn’t something he’s particularly interested in.”
Reading a book about Warren Buffett. It’s clear no one knew how to value stocks a few decades ago, maybe even today. The models/formulae don’t represent true value, they are just calculations that arrive at one opinion.
— CZ 🔶 Binance (@cz_binance) November 21, 2021
Despite the fact that Buffett isn’t a fan of cryptocurrency, Zhao believes they have similar investment ideas. “He prefers to invest in a small number of stocks that he is familiar with. He also doesn’t want to spread his investments among hundreds of stocks. And that is extremely similar to my own mindset. I just have BMB and BTC in my possession. I don’t invest in a variety of cryptocurrencies “Zhao expressed his thoughts.
Buffett, he said “is at a point in his life where I believe his learnings, ideas, and teachings are beneficial to the world. He is extremely successful, which I admire greatly. We don’t need to introduce him to cryptography. He was using a flip phone from a few years ago. If he uses crypto, I’m concerned that he may lack the essential skills or expertise to maintain his own crypto security.”
Buffett has long been a prominent opponent of cryptocurrency, referring to it as “rat poison” in a 2018 interview. At Berkshire Hathaway’s annual meeting earlier this year, Buffett’s right-hand man Charlie Munger termed bitcoin “disgusting and opposed to the interests of civilization.”
While Zhao lauded Buffett’s investment expertise, he had harsher comments for another billionaire. “So, I’m not planning on being sarcastic on Twitter… In a tweet, he stated, “I am dodgy.” “When questioned about a recent Twitter exchange with Tesla CEO Elon Musk, Zhao said on Yahoo Finance Live.
Binance temporarily halted dogecoin withdrawals on November 11 owing to a network update problem. Musk, a long-time supporter of dogecoin, said the Binance suspension appeared “shady” on Tuesday morning.
Zhao added, “When it comes to defending our company, I am not naturally confrontational, but neither am I timid or cowardly. I consider defending Binance to be my work, and defending the cryptocurrency industry to be my life’s goal.”
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Also read: Why you shouldn’t worry about India’s crypto ban rumors?
