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Bitcoin is experiencing a truly peculiar period. On one hand, Jeremy Grantham, Wall Street’s bubble hunter, predicts a slow and silent death. On the other, Mexican billionaire Ricardo Salinas Pliego has mortgaged his house to buy more.
Grantham: “Not with a Bang, but with a Whimper”
Grantham appeared on CNBC on Friday. He didn’t hold back. Bitcoin “will disappear slowly, I’m afraid — not with a bang, but with a whimper.” That’s his exact quote. The man has never owned a single satoshi, he says, and believes the asset’s value will fall to zero — not through a sudden and spectacular crash, but through a gradual erosion over years, perhaps decades. For him, Bitcoin serves only one concrete purpose: allowing fraudsters to move money without being detected.
His argument about Bitcoin’s store of value is simple. Bitcoin lost half its value for no particular reason, in an otherwise solid economy. Gold, on the other hand, has risen during the same period. Grantham sees this as proof that Bitcoin is a “useless speculative mechanism” — his words, not mine.
No details on exactly which period he is comparing. But the core message is clear.
The Market Might Agree with Him, for Now
The numbers are hard to ignore. Bitcoin hit an all-time high near $126,000 in October 2025. Since then, the asset has lost more than 50% of its value. On Friday, it was trading around $60,000, at a critical support zone. If this zone breaks, some traders see $40,000 as the next level. It’s not clear yet if it will hold.
In June, Bitcoin fell towards $62,000. The Fed sent aggressive signals on rates — no cuts in sight, with some members even suggesting a possible hike. Tensions between the United States and Iran pushed oil prices up, reigniting inflation fears, and risky markets took a hit. U.S. Bitcoin ETFs experienced four consecutive days of net outflows, with about $113.8 million leaving in just a few days. This is a signal that institutional investors, at least some of them, have reduced their exposure.
That’s a lot of pressure on a single asset.
Salinas Pliego: 70% of Portfolio, and His Wife Mortgaged the House
Ricardo Salinas Pliego, founder of Grupo Salinas, sees things differently. He has put 70% of his portfolio into Bitcoin — up from just 10% in 2020. And he convinced his wife to mortgage their house to buy more. It’s the kind of conviction that either scares or impresses, depending on your perspective.
His reasoning comes from a long-standing skepticism of fiat currencies. He considers Bitcoin superior to cash and gold for one simple reason: it cannot be seized, it knows no borders. For someone operating in Mexico who has seen local currencies collapse, it makes sense in a way.
And he has survived quite a few challenges. A $150 million loan scam. Mexican regulations thwarting his plan to make Banco Azteca the first bank in the country to accept Bitcoin. Several violent market cycles. He’s still here, still long.
His recent argument about London real estate is interesting. A house that cost 4,000 BTC in 2016 now costs less than 30 BTC. He uses this to encourage investors to convert the value of their home into Bitcoin exposure. Logical in BTC terms, obviously — but it assumes Bitcoin will continue to rise in the long term. That’s exactly where Grantham would say the bet is crazy.
Both men are billionaires. Both have serious track records. And they are in total disagreement on Bitcoin’s fundamental value. Salinas Pliego forged his conviction during family discussions about the end of the gold standard — a detail that says a lot about where his thesis comes from.
Bitcoin is testing $60,000, ETFs are bleeding, the Fed is unmoved, and somewhere in Mexico, Salinas Pliego is probably watching his portfolio without blinking. The $113.8 million in net outflows over four days remains the most recent concrete figure on the table.
Frequently Asked Questions
What exactly does Jeremy Grantham predict for Bitcoin?
Grantham predicts that Bitcoin “will disappear slowly — not with a bang, but with a whimper,” with its value falling to zero through gradual erosion over years or decades, not through a sudden crash.
What is Ricardo Salinas Pliego’s level of exposure to Bitcoin?
Salinas Pliego has put 70% of his portfolio into Bitcoin, up from 10% in 2020, and convinced his wife to mortgage their house to buy more.
Why have Bitcoin ETFs recently recorded net outflows?
Aggressive signals from the Fed on rates, combined with geopolitical tensions between the U.S. and Iran, prompted investors to withdraw about $113.8 million from U.S. Bitcoin ETFs over four consecutive days.
