Some big financial names are not fond of Bitcoin. Warren Buffett is one such billionaire, and he has been vocal about his dislike for the digital asset. Buffett made it clear that he doesn’t want to buy every bitcoin in the world, and that $25 would be too much. 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
Warren Buffett, a billionaire investor and legendary investor made remarks recently 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.
This was the Berkshire Hathaway chief who made this statement at an annual shareholder meeting, where he again reiterated his dislike for cryptocurrency. He said that bitcoin was an inefficient asset without any tangible output, and had therefore nothing to offer.
Similar reading: USDT Tether Q1 Trading Volume Drops To $5.3 Trillion Quarterly| Tether (USDT) Q1 Trading Volume Plunges To $5.3 Trillion In Quarterly Low
The digital asset was compared to other store of value, such as land or apartments. He would invest money in either of these assets, and he admitted to being a billionaire. 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.”
Although the digital asset has become immensely popular over the years it is still unknown to what extent its value can be attributed to the billionaire. 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. After the viral video went on social media, they came out in large numbers to show support for Buffett and to fire back. Bitcoin supporter and Mexican billionaire Ricardo Salinas Pliego also took time out to rebuke Buffett’s comment.
BTC at the $36,000-38,000 Support Level | Source: BTCUSD on TradingView.com
Salinas observed that Buffett was too old to be affected by change. Salinas also stated that Buffett was old and intolerant to change.
He is rambling about something he doesn’t understand, which makes it sad. The future is for the young, not the old. https://t.co/2L5Lc8zHjE
— Ricardo Salinas Pliego (@RicardoBSalinas) May 1, 2022
Bitcoin Halving Model Suggests $24,000 Bottom Before Year’s End| Bitcoin Halving Model Suggests $24,000 Bottom Before Year’s End
But the billionaire is not the only one who has reacted. Other billionaires have also responded. pointedBuffett’s holdings include crypto-friendly Nubank bank, SBI Holdings and Bank of America. They each own more than 10% of Ripple.
BTC maintains a solid position in the charts. At the time this article was written, it is trading at $38,690.
Featured image taken from Bitcoin News. Chart by TradingView.com