Binance CEO Says Warren Buffet Could Lack 'Skills' to Keep His Crypto Safe

Urian B., Tech Times 27 November 2021, 09:11 am

The CEO of Binance commented on the possibility of Warren Buffet joining the crypto bandwagon, saying the Berkshire Hathaway CEO might not have the "necessary skills or the knowledge" to keep his crypto safely. Despite this, the Binance CEO said that he and Warren Buffet share a very similar investment strategy.

Binance CEO Shares His Thoughts About Warren Buffett

Changpeng Zhao, the CEO of Binance, talked about Warren Buffet, the CEO of Berkshire Hathaway, and cryptocurrency investing on Yahoo Finance. In the talk, Zhao said that he had recently praised the Berkshire CEO for his investing skills after he read about him in the book "Warren Buffett: Inside the Ultimate Money Mind."

Zhao said that the book gives a deep analysis of Buffett's essential wisdom, which Buffett calls the "Money Mind," focusing on an intricate mosaic of wide-ranging ideas and insights. After the statement, when asked what he would say should the two be in the room, Zhao said he would try to convince Buffett to invest in crypto.

Investment Similarities Between Zhao and Buffet

Zhao said that he came across Buffett as he read a lot of investment books, saying he just recently "stumbled upon it" while saying it is a "great book." Zhao then emphasized that Buffett has a lot of investment theses that remain timeless, and it also applies to crypto despite the Berkshire CEO not being personally interested.

According to the story by News.Bitcoin.com, Zhao thinks that both he and Warren Buffett actually share similar investing strategies. He then explained that, as noted in the book, Buffett is not the type of investor who likes diversification in his portfolio.

Binance CEO and Warren Buffet Do Not Like Diversifying

Zhao said that Buffett holds just a small number of stocks that he knows well and doesn't like diversifying across hundreds of stocks. The Binance CEO then shared that he has a similar mentality, only holding BNB and BTC and not diversifying across multiple crypto assets.

The Binance CEO emphasized that due to his non-diversification, Buffett isn't into either Bitcoin or crypto, saying that it's "fine" and that there is no need to convince him. Explaining further, Zhao added that Buffett is not short of money and is in a different stage of life.

Zhao Shares Concerns Should Warren Buffett Get Into Crypto

Zhao then said that the Berkshire Hathaway CEO is already "super successful," and he respects Buffett. With that, Zhao said that there is no need to get into crypto at all.

The Binance CEO even went as far as saying that he might get worried should the Berkshire Hathaway CEO suddenly decide to use crypto. To expound, Changpeng Zhao said that Warren Buffet "may not have the necessary skills or the knowledge" when it comes to keeping his very own crypto safe.

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Written by Urian B.