The founder and CEO of Binance, Changpeng Zhao, believes it’s fine if rich investors like Warren Buffett don’t invest in cryptocurrencies because the business is not for everyone.
Zhao believes that the Berkshire Hathaway CEO would be prudent to stay out of it.
“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 accurately. My mother is in good health. So, in general, I believe in a free world, where people make their choices. We don’t have to persuade everyone to use cryptocurrency; it’s only for those who want to utilize cryptocurrency.”
After reading “Warren Buffett: Inside the Ultimate Money Mind,” a book on the Oracle of Omaha, Zhao praised Buffett’s financial ability.
He observed, “I just came across it recently, and it’s a terrific book.” Buffett is a well-known entrepreneur who “has several investment theses that have stood the test of time and still stay. In the case of cryptocurrencies, this is still true. It’s just that he’s not especially interested in the business, cryptocurrency.”
Even though 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 good at. He also doesn’t want to spread his investments among hundreds of stocks. And that is extremely similar to my mindset. I just have BTC and BMB 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 not have the essential skills or expertise to maintain his 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 a fellow 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.”