Binance cryptocurrency exchange CEO said he and Berkshire Hathaway CEO Warren Buffett share a similar investment strategy. However, he said he would not convince the Oracle of Omaha to invest in cryptocurrency. “I’m worried if he uses crypto. He may not have the skills or knowledge to protect his own crypto,” Binance CEO pointed out.
Binance CEO on Warren Buffett and Crypto Investing
Binance CEO Changpeng Zhao (CZ) spoke about Berkshire Hathaway CEO Warren Buffett and cryptocurrency investing on Yahoo Finance on Wednesday.
Zhao recently praised Buffett’s investing skills after reading a book about him titled “Warren Buffett: Inside the Ultimate Money Mind”. The book provides “an in-depth analysis of Buffett’s essential wisdom, a complex mosaic of far-reaching ideas and ideas that Buffett calls a Money Mind,” as he describes it.
The Binance boss was asked if he was sitting in a room with Buffett, what he would tell the Oracle of Omaha about why he should invest in crypto. Zhao replied:
I would not convince him to invest in crypto. I think it is not necessary that everyone should invest in crypto.
“My mom doesn’t use the internet much and that’s good. Internet is fine. My mom is fine, ”the Binance executive continued. “I think basically it’s a free world. We don’t have to convince everyone to use crypto. It is only for people who want to use crypto.
He explained that he read the book on Buffett because he read many investment books. “I just ran into it recently, and it’s a really good book, actually,” Zhao pointed out, adding that the Oracle of Omaha “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.
Additionally, the Binance executive believes he and Buffett have similar investment strategies. He explained, as stated in the book, that Buffett is not an investor who likes to diversify his portfolio. Zhao described:
He likes to own a small number of stocks that he knows well. And he doesn’t want to diversify into hundreds of stocks. It’s very similar to my personal mentality. I only hold BNB and BTC. I am not diversifying into different crypto assets.
“Because of his non-diversification, he’s not into bitcoin or crypto. It is very good. We don’t need to convince him, ”Zhao stressed.
“There is no shortage of money. He’s at a different stage in his life where I think the learnings, the philosophies, the teachings are precious to the world, ”added the Binance leader. The CEO of Berkshire Hathaway “is very successful, which I respect a lot,” he added, noting that there was no need to bring him into crypto.
In fact, Zhao said he would be worried if Buffett started using crypto, saying:
I’m worried if he uses crypto. He may not have the skills or knowledge to protect his own crypto.
Buffett has been a vocal critic of bitcoin and cryptocurrency. He called BTC “rat poison squared” in 2018. He also called the cryptocurrency game a game, not an investment. His right-hand man, Charlie Munger, said bitcoin was “disgusting and contrary to the interests of civilization” at the Berkshire annual meeting in May.
Zhao was also asked about his recent Twitter chat with Tesla CEO Elon Musk about Binance’s dogecoin issue. Musk, a proponent of the cryptocurrency’s dogecoin meme, tweeted Tuesday morning that the Binance issue “looks fishy.”
“Well, I don’t mean to be sassy on Twitter,” the Binance boss explained, pointing out that Musk was “incorrect” and “lacking in research.” He continues: “I am not aggressive by nature, but neither am I submissive or cowardly when it comes to defending our company. I see defending Binance as my job and defending BNB and the crypto industry as my life’s mission.
Do you agree with Binance CEO Changpeng Zhao about Warren Buffett and crypto? Let us know in the comments section below.
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