Binance CEO Says He and Warren Buffett Use Similar Investment Strategy but Doubts Buffett Has Skills to Keep Crypto Safe – News Bitcoin News

Binance CEO Warren Buffett, CEO of Berkshire Hathaway, said that they share an identical investment strategy. But he stated that he could not persuade the Oracle of Omaha into investing in cryptocurrency. “I get worried if he uses crypto. He may not have the necessary skills or the knowledge on how to keep his own crypto safe,” the Binance CEO stressed.

Binance’s CEO on Warren Buffett and Crypto Investing

Changpeng Zhao (CZ), Binance CEO, spoke on Wednesday about Berkshire Hathaway CEO Warren Buffett’s cryptocurrency investments and Yahoo Finance.

Zhao recently praised Buffett’s investing skills after reading a book about him titled “Warren Buffett: Inside the Ultimate Money Mind.” The book provides “a deep analysis of Buffett’s essential wisdom, an intricate mosaic of wide-ranging ideas and insights that Buffett calls a Money Mind,” according to its description.

If he could sit down with Buffett and tell him why crypto is a good investment, the Binance boss answered: Zhao replied:

I wouldn’t convince him to invest in crypto. I think it’s not necessary that everybody has to invest in crypto.

“My mom doesn’t use the internet that much and that’s fine. Internet is great. My mom is fine,” the Binance executive continued. “I think basically it’s a free world. We don’t have to convince everybody to use crypto. It’s only for the people who want to use crypto.”

Zhao explained that the book was about Buffett, and that he had read many other investment books. “I recently just stumbled upon it, and it’s a great book, actually,” Zhao emphasized, adding that the Oracle of Omaha “has many investment theses that are timeless. That is still true for crypto. It’s just that he’s not personally interested in crypto.”

The Binance executive also believes that Buffett and he have similar investing strategies. According to the book, he explained that Buffett does not like to diversify his portfolio. Zhao described:

He enjoys keeping a limited number of stocks he understands well. And he doesn’t want to diversify across hundreds of stocks. That’s very similar to my personal mentality. BNB is my sole crypto asset. BTC is not mine. I don’t diversify myself across different crypto assets.

“Because of his non-diversification, he is not into bitcoin or crypto. That’s fine. We don’t need to convince him,” Zhao emphasized.

“He is not short of money. He is at a different stage of life where I think the learnings, the philosophies, the teachings are valuable to the world,” the Binance executive added. The Berkshire Hathaway CEO “is super successful which I respect a lot,” he added, noting that there is no need to get him into crypto.

Zhao stated that he was concerned if Buffett started using crypto.

He may use crypto. I am concerned. His knowledge and skills may be lacking.

Buffett is a strong critic of cryptocurrency and bitcoin. He called BTC “rat poison squared” in 2018. The cryptocurrency gambling was also referred to as a “game” rather than an investment. His righthand man, Charlie Munger, said bitcoin is “disgusting and contrary to the interests of civilization” at Berkshire’s annual meeting in May.

Zhao was also asked about his recent discussion on Twitter with Tesla CEO Elon Musk about Binance’s dogecoin problem. Musk, a proponent of the meme cryptocurrency dogecoin, tweeted Tuesday morning that the Binance’s problem “sounds shady.”

“Well, I don’t intend to be sassy on Twitter,” the Binance boss explained, emphasizing that Musk was “incorrect” and “lacks research.” He continued: “I am not aggressive by nature, but I’m also not submissive or cowardly when it comes to defending our business. I view defending Binance as my job and defending BNB and the crypto industry as my life’s mission.”

Are you in agreement with Binance CEO Changpeng Zhao regarding Warren Buffett’s views on crypto and cryptocurrency? Please let us know your thoughts in the comment section.

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