Some of the world’s most well-known financial institutions aren’t exactly lining up to invest in Bitcoin. One of them is Warren Buffett, a billionaire who has not been afraid to express his distaste for cryptocurrency.
After previously stating that he would not purchase the whole world’s supply of Bitcoin for $25, Warren Buffett has done it again. Ricardo Salinas Pliego, Mexico’s third wealthiest man, and other investors have taken issue with this.
Warren Buffett, the billionaire investor and dean of the investment community, has addressed the topic of bitcoin. The most well-known of them was his claim that he wouldn’t accept a $25 bargain for all the bitcoins in existence.
When asked about his views on cryptocurrencies, Berkshire Hathaway CEO Warren Buffett stated this during the company’s annual shareholder meeting. He argued that bitcoin was an unproductive asset since it had no actual output.
His comparisons to other forms of wealth, including real estate and apartments, were based on digital assets. The billionaire said he would invest money into both of these projects if given the opportunity. As for bitcoin, though, he wouldn’t be able to do the same since it doesn’t create anything and he’d have “to sell it back to you one way or another.”
In spite of its growing popularity, the billionaire remains sceptical about its value. As far as where the asset would be in the next five or ten years, he said he was confident in the fact that it does not produce. People have linked magic to a number of things, Buffett noted: “It’s got a magic to it.”
The City of Salinas Responds
According to the bitcoin community, Warren Buffett’s remarks regarding Bitcoin have sparked outrage. Thousands of people turned up to show their support and strike back against Buffett after the video went viral. Ricardo Salinas Pliego, a Mexican millionaire and proponent of Bitcoin, also turned to Twitter to denounce Buffett’s remarks.
Despite Buffett’s age and inability to adapt, Salinas said. In addition, he was clearly implying that he had no idea what he was talking about.
Many others have retaliated, including the millionaire himself. One of Buffett’s critics pointed out that he still owns more than 10% of Ripple via the crypto-friendly bank Nubank as well as through SBI Holdings and Bank of America. The price of BTC is holding steady at a high level on the market. Currently, it is selling at $38,690 per coin.