Entrepreneur, who won lunch with Warren Buffett, now aims to beat him at cryptocurrency! 6551
Crypto News
Aanal Pathak
Apr 18, 2018 at 2:24 PM

A Chinese entrepreneur along with his partner spent $ 2.3 million in bidding and won a private lunch with Warren Buffett in 2015.

The guy named Sam Ling now aims to beat his idol Warren Buffett, in cryptocurrency.

Ling who has a cryptocurrency index claims that his business will surpass Buffett portfolio in the next 10 years.

In 2015, the young entrepreneur spent such huge amount of money, hoping to get some investment advice from the man himself.

"Buffett is my idol," Ling, founder, and CEO of Supwin Financial Services Group based in Guangzhou, China, told CNBC in Chinese. "I have been looking up to him and studying his investment strategies for so many years. I'm a loyal fan of his."

 However, his loyalty hasn’t stopped him betting against the world’s third-richest-person prediction about cryptocurrency coming to a sad end.

The one thing that Ling learned from Warren was an appreciation for indexes and he wishes to put the advice to use in the digital currency market.

"Buffett is my idol," Ling, founder, and CEO of Supwin Financial Services Group based in Guangzhou, China, told CNBC in Chinese. "I have been looking up to him and studying his investment strategies for so many years. I'm a loyal fan of his."

 Ling is launching the "BB Index" family of 26 cryptocurrency indexes. They're grouped by market capitalization, category, and strategy, ranging from a "Blockchain Top 7 Index" that covers the largest cryptocurrencies to a "Blockchain Top 50 ex-top 20 Token Index" that covers mid-cap assets. All BB Indexes are updated every three minutes on its official website, Ling said.

 Warren Buffet mentioned on several occasions that cryptocurrency hype is a temporary thing and will definitely come to a bad end. Although, Ling does not agree with his opinion and believes that his Index will see great heights in the next 10 years.

 "Warren Buffett just won a 10-year bet that an index fund would outperform a collection of hedge funds over that time," said Ling. "And I want to make a bet with him that my cryptocurrency index will outperform his portfolio over the same period."

 Globally other exchanges are getting competitive and delving into the index sector. Coinbase, leading U.S. exchange announced in March it was releasing a weighted index fund to give accredited U.S. investors access to crypto assets.

Another U.S.-based exchange Cryptos Fund launched a new entity this month, to track its CCi30 index of the top 30 cryptocurrencies while accepting subscriptions from valid investors at $10,000 and above.

Similarly, there is a tough competition in Asia as well. In China also despite the drawback in the Chinese market, there is a considerable demand for index trading.

Image via CNBC