Billionaire Ricardo Salinas Fires Back At Warren Buffett’s Bitcoin Slander

Billionaire Ricardo Salinas Fires Back At Warren Buffett’s Bitcoin Slander

Bitcoin is not topping the list of the favorite investments of some big names in the financial sector. One of those is billionaire Warren Buffett who has not been shy to voice his displeasure with the digital asset. This time around, Buffett has once again made known his hatred for the digital asset by saying that he would not buy all of the BTC in the world for $25. This has drawn the ire of investors in the space, one of which is Mexico’s third-richest man, Ricardo Salinas Pliego.

Warren Buffett Disses Bitcoin

Billionaire and legendary investor Warren Buffett recently made some remarks about bitcoin. The most popular of these have been the fact that he said that if he were offered all the bitcoins that exist for a measly $25, he still wouldn’t take the deal.

The Berkshire Hathaway head said this at the annual shareholder meeting where he once more reiterated his disdain for cryptocurrencies. He explained that bitcoin had nothing to offer, making it an unproductive asset with no tangible production. 

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He compared the digital asset to other stores of value which include land and apartments. Both of these, the billionaire admitted he would jump at a chance to put money into them. However, he wouldn’t do the same for bitcoin because it doesn’t produce anything and he would “have to sell it back to you one way or another.”

Despite the popularity of the digital asset over the years, the billionaire is still not convinced of its valuability. He pointed to the fact that he can’t tell for sure where the asset will be in the next five or 10 years but remains completely sure of the fact it does not produce anything. 

“It’s got a magic to it and people have attached magics to lots of things,” Buffett noted.

Salinas Fires Back

Buffett’s comments about bitcoin have no doubt stirred up criticism from the bitcoin community. They came out en masse to support and fire back at Buffett after the video made the rounds on social media. Bitcoin supporter and Mexican billionaire Ricardo Salinas Pliego also took time out to rebuke Buffett’s comment.

BTC holding the $36,000-$38,000 support level | Source: BTCUSD on TradingView.com

Salinas noted that Buffett was old and immune to change. Also adding that he was obviously commenting that he has no understanding of whatsoever. 

It's sad to see him rambling on about a suubject he clearly does not understand. That's why the future ALLWAYS belong to the young and not the OLD. https://t.co/2L5Lc8zHjE

— Ricardo Salinas Pliego (@RicardoBSalinas) May 1, 2022

Related Reading | Bitcoin Halving Model Suggests $24,000 Bottom Before Year’s End

The billionaire has not been the only one to fire back. Others have pointed out that Buffett continues to have holdings in crypto-friendly bank Nubank, as well as SBI Holdings and Bank of America which own more than 10% of Ripple and a Ripple partner respectively. 

BTC continues to maintain a good position on the charts. It is currently trading at $38,690 at the time of this writing.

Featured image from Bitcoin News, chart from TradingView.com

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