Binance CEO says that Warren Buffett doesn’t understand cryptocurrencies


On 10th of January, the CEO of Binance, Zhao Changpeng, gave his opinion on Warren Buffet’s recent comments that cryptocurrencies are headed for a “bad ending”.

In an interview with Haidi Lun, he covered several topics, including the recent situation in South Korea, Binance’s growth and the exchange’s general customer demographics.

Even though Mr Changpeng acknowledged the billionaire investor’s accomplishments and expertise in the financial market, he believes that Buffet knows little about the cryptocurrency market. He declared:

“Warren Buffett is a guy I truly respect from an investment point of view, but I do not think he understands cryptocurrencies at all. It is what it is. I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”

Changpeng’s comments come as a response to Warren Buffet’s well-known stance against cryptocurrency, which he made public in an interview with CNBC on Wednesday where he declared:

“In terms of cryptocurrencies, generally, I can almost say with certainty that they will come to a bad ending.”

A vocal opponent against Bitcoin for a while now, Buffet called the digital currency “a mirage” saying that “the idea that it has some huge intrinsic values is just a joke”.

While Changpeng and Buffet may have different views with regards to the digital asset, they are on the same page when it comes to Buffet’s knowledge on the topic of cryptocurrencies. Mr Buffet said that he wouldn’t take any position in cryptocurrency trading, declaring:

“Why in the world should I take a long or short position in something I don’t know anything about?”

The CEO’s comments come as the platform saw a record 240,000 new user accounts, after reopening account registration two days earlier. Changpeng indicated that the exchange has been adding “a couple of million” new users every week. Binance was only launched six months ago and since then it climbed to the top of cryptocurrency exchange platforms, currently being the largest exchange by volume.

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