By HVY Journalists: Tron CEO Justin Sun has set that $4.5 million lunch date with Berkshire CEO Warren Buffett. He hasn’t said when yet, but the Forbes 30 under 30 cryptocurrency entrepreneur tweeted Monday that the time and place have been set with Buffett’s people.
— Justin Sun (@justinsuntron) June 10, 2019
The venue will be Smith & Wollensky, a high-end steakhouse in midtown Manhattan. Sun can bring seven friends to join. Last week on CNBC’s Squawk Box, he mentioned a few blockchain industry leaders he wants in his corner for the three-hour meeting with the Oracle of Omaha, a notorious cryptocurrency skeptic.
Sun rattled off the names of Litecoin Creator Charlie Lee, Ethereum Co-Founder Vitalik Buterin, and Changpeng Zhao, the founder and CEO of Binance, the world’s largest cryptocurrency exchange. C.Z. won’t be able to make it, but recommended Morgan Creek Digital partner Anthony Pompliano in his place.
.@justinsuntron kindly invited me to go, but I can't make it. Too far. I guess that's like turning down $1,000,000, assuming 5 guys going, lol… But very much appreciated.
I would totally recommend inviting @APompliano.
Couple other thoughts: https://t.co/igVo03Ifzu
— CZ Binance (@cz_binance) June 4, 2019
The Tron founder told Yahoo Finance he doesn’t think closing Warren Buffett on a crypto investment is realistic, but he does plan to put the new and dynamic industry’s best foot forward at the meeting:
“It might be unrealistic to convince Warren Buffett, just in three hours, to buy cryptocurrencies. But we want to show him the recent progress of cryptocurrency and blockchain technology. It’s not only about Tron itself, it’s about crypto and blockchain, the whole industry.”
Here are three ways to pitch crypto to the man who called Bitcoin “rat poison squared.”
1. Don’t get into the weeds with technical talk.
Talking technical jargon about how crypto works would be a mistake. Sun likely knows this, but the three names he mentioned on Squawk Box are all engineers.
They might not make the best salespeople to pitch the product and industry to Buffett in the modality he cares about and in language he understands.
Instead of technical aspects, talk:
1. Feature => Benefit
2. Feature => Benefit
3. Feature => Benefit
Keep it to three. Don’t explain how the feature works. Just tell what the feature is. The benefit is a problem the feature solves. Draw a contrast with centralized corporate finance, and make it clear how traditional finance hasn’t solved these problems because it inherently can’t. Show the value to the user/customer.
2. Show all the indications that this is a prime value investment
Buffett is revered as prophet-like in his ability to pick undervalued assets and go all in on them. That’s his value investing philosophy at work. Sun and his friends should build on the feature / benefit presentation to make the case that cryptocurrency is the most undervalued asset in the world right now, despite the big noise it’s made already.
I've been saying it for years. Don't look at ATH's, look at yearly lows. That will tell you the growth in hodlers.
2012 – $4
2013 – $65
2014 – $200
2015 – $185
2016 – $365
2017 – $780
2018 – $3200
That tells you the growth in the people who won't sell at any price.
— Frogolocalypse (@1stCrassCitizen) December 31, 2018
3. Appeal to Buffett’s FOMO
Finally, the cryptocurrency crew should (carefully) appeal to Warren Buffett’s Fear of Missing Out, and the bring out a little bit of the fresh sting Buffett’s feeling from acquiring Amazon stock twenty years too late.
This can only work if it’s executed delicately, not overplayed, and done with a good sense of humor. It should be mentioned one time, at the right moment, after some rapport has been built, and all in good fun.