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Bitcoin Falls as Justin Sun Reschedules Charity Lunch With Warren Buffet


Investing.com - Bitcoin fell on Tuesday in Asia after Tron Foundation founder Justin Sun said he will reschedule a charity lunch with billionaire investor Warren Buffett for medical reasons.

Sun bid $4.6 million to win the charity lunch auction and has promised to use the lunch, originally scheduled for this Thursday, as an opportunity to “teach Buffett the value of cryptocurrencies and blockchain.”

The lunch is now pushed back to an unspecified date, according to reports.

Buffet has previously called Bitcoin “probably rat poison squared” and a delusion.

“You can stare at it all day, and no little Bitcoins come out or anything like that. It’s a delusion, basically,” he said in February.

Bitcoin fell 4.3% to $10,268.9 by 1:27 AM ET (05:27 GMT) following the news. Ethereum was down 4.5% to $214.49, while XRP dropped 3.7% to 0.31784.

Litecoin slumped 6.1% to 92.884.

Meanwhile, although not a directional driver, a survey from instant messaging application Viber showed that almost half of Americans and Brits do not trust Facebook’s proposed plan to launch its own cryptocurrency, Libra.

The respondents noted that they would not trust Facebook (NASDAQ:FB) to keep their private information secure when using Libra.

Libra has generated a lot of attention since its announcement but has also raised concerns in many jurisdictions around the world at the same time.

G-7 finance ministers warned last week that Libra could potentially upset the world’s financial system if they are not regulated tightly.

U.S. President Donald Trump and Treasury Secretary Steve Mnuchin also joined critics of Libra, expressing serious concerns about the proposal earlier this month.

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