We don’t need to convince Warren Buffett to invest in crypto

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Binance Founder and CEO Changpeng Zhao says it doesn’t matter if billionaire investors like Warren Buffett don’t enter the cryptocurrency space, it’s not for everyone.

In fact, Zhao thinks Berkshire Hathaway CEO would be wise not to get involved.

“I wouldn’t persuade him to invest in crypto. I think it is not necessary for everyone to have to invest in crypto,” Zhao said on Yahoo Finance Live. “My mom doesn’t use the internet a lot and that’s good. The internet is fine. My mom is fine. So I basically think it’s a free world. We don’t have to convince everyone to use the internet. crypto is only for the people who want to use crypto. ”

Zhao praised Buffett’s investment skills after reading a book on the Oracle of Omaha, “Warren Buffett: Inside the Ultimate Money Mind”.

“I recently ran into it, and it’s a really good book, actually,” he said. Buffett “has a lot of investment theses that are timeless. And that still applies to crypto. It’s just that he’s not personally interested in crypto.”

Even though Buffett isn’t too keen on crypto, Zhao said he thinks they have similar investment strategies.

“He likes to own a small number of stocks that he knows well. And he doesn’t want to diversify into hundreds of stocks. And that’s very similar to my personal mindset. I only own BMB and BTC. don’t diversify myself on different crypto assets, ”Zhao said.

He added that Buffett “is at a different point in his life where I think the learnings, the philosophies, the teachings are precious to the world. He is doing very well, which I respect a lot. We don’t need to. get him into crypto. He used a flip phone a few years ago. I’m worried if he uses crypto, he might not have the necessary skills or knowledge of how to protect your own crypto. “

Buffett has been a vocal crypto critic, famously calling it “rat poison” in a 2018 interview. Buffett’s right-hand man Charlie Munger called bitcoin “disgusting and contrary to the interests of civilization” during the interview. from the Berkshire Annual Meeting earlier this year.

The story continues

While Zhao praised Buffett’s investment sense, he had sharper words for another member of the billionaire club.

“Well, I don’t mean to be sassy on Twitter… In his tweet, he said I’m fishy,” Zhao said on Yahoo Finance Live, when asked about a recent Twitter exchange with the CEO of Tesla, Elon Musk.

Binance suspended dogecoin withdrawals on November 11 due to an issue during a network update. Musk, a longtime dogecoin supporter, tweeted Tuesday morning that Binance’s suspension looked “fishy.”

Zhao added, “I am not aggressive by nature, but not submissive or cowardly when it comes to defending our business. I regard the defense of Binance as my job and the crypto industry as my mission. life.”

Brian Sozzi is editor and presenter at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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