There is no need to worry that billionaire investors like Berkshire Hathaway chief Warren Buffett are not investing in cryptocurrencies, since digital assets are not right for everyone. This was stated by Binance’s CEO Changpeng Zhao in an interview with Yahoo Finance.
“I wouldn’t try to persuade him [Buffett] to invest in cryptocurrencies. I don’t think everyone should do it. […] We shouldn’t persuade everyone to invest in cryptocurrencies, because it’s only for those who want to use them,” he said.
Zhao noted that in his books Buffett has expressed several ‘timeless’ theses, many of which apply in the cryptocurrency space. According to him, despite Buffett’s negative attitude toward digital assets, they adhere to similar investment strategies.
“He likes to hold a small number of shares of companies he knows well. And he doesn’t want to diversify his portfolio with hundreds of securities. This is very similar to my own way of thinking. I hold only BTC and BNB. I don’t diversify with different cryptocurrencies,” explained Binance’s CEO.
He also commented on the recent dialogue with Elon Musk on Twitter. The head of Tesla called the freezing of Dogecoin (DOGE) holders’ funds on the platform “suspicious”. To which Zhao replied rather sharply.
“I wasn’t trying to be bold on Twitter. In his tweet he [Musk] called our actions suspicious. By nature I am not aggressive. I believe that defending Binance is my job,” he said.
As Zhao noted, amid stricter KYC requirements Binance was left with only 3% of users.