- Justin Sun’s Lunch Postponed: What Does this Really Mean
- Is China Behind the Lunch Postponement?
Recently there was news of the postponement of one of the most expected events within the cryptocurrency community which was supposed to take place during the summer when Justin Sun won a charity lunch with Warren Buffet. Sadly, a few days before the event was to hold, Sun stated that he had health issues and would love the lunch to be postponed indefinitely. Currently, there have been speculations that health issues might not be the reason behind the postponement, and the China administration might have a hand with the postponement.
Previously in June, the founder of one of the world’s biggest cryptocurrency by market cap, Justin Sun won a $4.5 million bid for a charity lunch with Warren Buffet. Warren Buffet is a prominent crypto expert, he has severally lashed Bitcoin and other cryptocurrencies. Sun who was reported to have been looking forward to the event as he would use it to educate the investment expert on blockchain and the investment opportunities it denotes. He stated that “investment opportunities are best when lots of people are underestimating the technology.”
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The lunch was slashed to take place on July 25th in San Francisco, before then the Tron Foundation announced that Sun has taken ill with Kidney stones, and the lunch would have to be postponed. As at the time of writing, the new date for lunch is yet to be announced.
Is China Behind the Lunch Postponement?
New information has surfaced concerning the real reason behind the postponement of the event. Allegedly, the Chinese administration got involved and put severe pressure on some TRON employees, threatening to arrest them for Justin Sun to revoke the charity lunch. The source who is close to the foundation stated that lives are at stake at that point.
The reason behind China’s involvement was due to the trade war between the country and the U.S which was at its zenith during the summer. Previously in 2017, the United States exported goods to China for $130 billion, while imports from the same country were $506 billion. China was accused of influencing the export and import market by price manipulation, meaning the total trade deficit was $375 billion.
The Trump Administration took action towards Chinese imports including another 10% tariff surge in the summer. Meanwhile, traditional financial markets surged, the trading price of Bitcoin experienced a major increase when the trade war was at its peak. Currently, Tron price is facing losses of about 3%, as it continues to consolidate. The volatility has been pacified after the solid price rally late in October.