Veteran stock investor Warren Buffett's scathing criticism of digital assets has attracted significant attention over the years, with top names in the cryptocurrency industry routinely commenting on his views.
What happened: Changpeng Zhao, the founder and former CEO of the world's biggest cryptocurrency exchange Binance BNB/USD, once shared an interesting viewpoint about the Berkshire Hathaway Chairman's stance.
During an interview with Yahoo Finance in Nov. 2021, Zhao, popularly known as "CZ," refused to make a big deal over Buffett's criticism, arguing that the "Oracle of Omaha" was free to choose his investments.
"I wouldn’t convince him to invest in crypto. I think it’s not necessary that everybody have to invest in crypto," CZ said.
He added that it's a free world, and there was no point in pushing everyone to embrace cryptocurrency.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
CZ said he was attracted to Buffett's investment mantras, many of which are "timeless" and apply to cryptocurrency as well.
When the Binance founder made these remarks, Bitcoin BTC/USD traded at $57,569.07 each. So, if you had invested $1,000, you could have bought about 0.0173 BTCs.
Today, Bitcoin is valued at $99,510.54, meaning that the original investment would have turned $1728.54, marking a 72% return.
Why It Matters: Interestingly, CZ had turned down an invitation by Tron TRX/USD founder Justin Sun to attend a $4.57 million lunch date with Buffett.
The meeting eventually happened in 2020, with Sun bringing along other prominent industry figures like Litecoin LTC/USD inventor Charlie Lee.
Sun even said that he'd have a conversation with Buffett on cryptocurrencies and blockchains.
However, not much has changed. Buffett remains a hardline skeptic, refusing to invest in digital assets.
Price Action: At the time of writing, Bitcoin was exchanging hands at $99,510.54, up 2.45% in the last 24 hours, according to data from Benzinga Pro.
Year-to-date, the coin was up 46.19%, compared to nearly 237% in gains in 2024.
Solana was trading at $191.99, up 1.29% in the 24-hour period.
The stock has a consensus price target of $449.5 based on the ratings of 12 analysts. The high is $690, announced by BTIG on Dec. 11, 2023, and the low is $140, issued by Jefferies on Nov. 10, 2022.
Photo Courtesy: Wikimedia Commons
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