Tron founder Justin Sun has been talking about the future of cryptocurrency, and he thinks that the industry could learn something from traditional finance. In an interview with Forbes, Sun said that although blockchain technology is revolutionary, it still has a long way to go before the masses can fully adopt it.
The Tron founder said that it was “difficult for people to understand” how to use digital currencies, partly due to their volatile nature. He said, “Bitcoin could be worth $10,000 one day and then $8,000 the next day.” But even Bitcoin’s volatility pales in comparison with traditional financial markets.
Sun, who launched a $100 million crypto fund, said he has “a great deal to learn” from traditional finance. “I have been wearing suits since I was 18,” Justin Sun told Bloomberg in an interview published Thursday. “My wardrobe is full of suits now.”
Justin Sun, dubbed the “Warren Buffett of crypto,” is one of several young entrepreneurs trying to bring legitimacy to a market that’s struggled with fraud and manipulation concerns. He said he wants his Tron virtual coin — designed for creating and distributing entertainment content to be a force for good, like Buffett’s Berkshire Hathaway Inc., which owns some 80 companies, including insurance and railroad firms.
But Sun said that as his company grows, it will attract more scrutiny from regulators in countries like the U.S. and China — two countries that have cracked down on cryptocurrencies by banning fundraising through initial coin offerings (ICOs). Meanwhile, Sun believes that the crypto industry is doing a better job of getting its act together than people might think.
He said: “The market is not as bad as you think. If you look at the volume and the daily transaction data, it has constantly been rising over the past three months.” Justin Sun also predicted that crypto would continue to grow even if Tron doesn’t do so. “I don’t think it will be a zero-sum game,” he said, adding that he believes more and more developers will come on board with the Tron network in 2019.
In a recent interview with Business Insider, Justin Sun said cryptocurrency is still in its early stages and that it should look to the financial industry for inspiration to grow. “I can learn from traditional finance,” Sun said.