Tron CEO Justin Sun Is Ultra-Bullish on Bitcoin, Claims Holding Large Sums of ETH and XRP
Feb 25, 2020 at 7:29 am UTC by Bhushan Akolkar · 3 min read
During his recent interview with CNN, Justin Sun clarified that he has a diversified portfolio of crypto investments and holds large sums of BTC, ETH, and XRP. Besides, his candid remarks calling TRX a shitcoin has hurt the investors as Tron (TRX) lost 20% price since then.
The TRON founder and CEO Justin Sun is one of the most media-savvy personalities in the crypto industry. In his recent interview with CNN’s Julia Chatterley, Sun spoke about the future of the crypto markets. Justin Sun has explicitly mentioned that he is currently ultra-bullish on Bitcoin and expects its price to hit $100,000 by 2025. Besides, he also admitted to owning a large number of Bitcoin (BTC), Ethereum (ETH), and XRP tokens.
During his interview talk with Chatterley, Sun said that he has a diversified portfolio of crypto investments. He added :
“I definitely believe Bitcoin will pass $100k in 2025. I believe maybe we can even achieve this price before 2025. At the same I time, I believe lots of the other cryptocurrency projects, like Tron, like Ethereum, like XRP – I believe all [these] projects will also get into a bull market as well.”
On the other hand, he also called the Tron blockchain as an alternative to the Android and iOS operating systems. He added that his blockchain platform offers better user privacy advantages. “In the decentralized ecosystem, we are just the system builders. We don’t control any user data. Privacy is all preserved by users themselves,” he said.
Justin Sun Requests Investors to ‘Buy His Shitcoin’
In another short video posted by cryptocurrency podcaster Peter McCormack on his Twitter handle, Sun casually refers to Tron (TRX) as a ‘shitcoin’. Note that shitcoin is a negatively used term in the crypto market referring to non-performing cryptocurrencies and its projects. “Buy my shitcoin,” said the Tron co-founder, candidly laughing out with the podcaster.
Thus, referring to TRX as a shitcoin by its co-founder himself doesn’t come in good taste. Especially, Sun has been heavily promoting Tron as a blockchain worthy of mass adoption.
Soon after Sun comments came earlier this month, the TRX has been falling after a good surge. At press time, Tron (TRX) is down 4.5% trading at a price of $0.019 with a market cap of $1.30 billion. By February 15, TRX price had almost doubled since the start of 2020.
But over the last week, TRX has corrected 20% slipping below $0.20. At press time, its year-to-date returns stand at nearly 40%.
Sun Fails to Impress Warren Buffett over His Dinner
Last month, the Tron founder finally got a chance to share a lunch with legendary investor Warren Buffett. Sun had won this lunch date with Buffett last year in 2019. Post the lunch, Justin Sun said that Buffett has accepted his cryptocurrency gift for TRX and Bitcoin.
Note that Buffett has been a big critic of cryptocurrencies and even called Bitcoin as rat-poison-squared in the past. During his recent interview with CNBC’s Beck Quick, the legendary investor re-iterated his stand on cryptocurrencies.
“Cryptocurrencies basically have no value, they do not produce anything. It doesn’t reproduce, it doesn’t deliver,” he said.
Buffett said that he thinks cryptocurrencies are flawed and even compared it to pyramid schemes. Furthermore, he also clarified that he doesn’t own Bitcoin or any other cryptocurrency.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
From the beginning of its inception, Bitcoin was worth cents but had indestructible inner value. In the darkest days of humanity, only rare things will have value. Bitcoin and other cryptocurrencies can become the vaccine from the financial crisis.