Bill Gates Cautions to Reconsider Investing in Bitcoin

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Bill Gates Cautions to Reconsider Investing in Bitcoin

Bitcoin investment could be perilous according to Bill Gates; Learn more

Friday, 26th February 2021


Microsoft Corp. founder Bill Gates seems not very enthusiastic about Bitcoin as he cautions others who are considering an investment in it. He said one ought to refrain from it if they have lesser money than Tesla CEO Elon Musk.

Gates said in a statement that it does not bother him much if Musk’s Bitcoin goes up or down randomly. According to the tech entrepreneur, “Elon has tons of money and he is very sophisticated.” He also added that the latter is more concerned about people getting into such manias who don’t have as much money to spare.

However, for the public, it was his advice to “watch out”, “If you have less money than Elon”.

In his reasons to have made such a statement, Gates mentioned that his primary concern in the matter and why he is not very keen about Bitcoin is the amount of electricity it consumes and the promotion of irreversible anonymous transactions. Instead, said the philanthropist, he is more enthusiastic about digital currencies.

He said digital money is a “good thing” and the main difference between the two is in terms of regulatory compliance while still providing the convenience and low-costs that are associated with cryptocurrency.

Gates had recently upheld Musk’s work in a podcast stating his work with Tesla has brought about “one of the greatest contributions to climate change anyone’s ever made.”

The electric vehicle maker has, in turn, announced a $1.5 billion investment in Bitcoin this month, while at the same time adding that the move wasn’t “directly reflective of my opinion.”

Bitcoin traded 14.3% lower at $47.906.71 on Tuesday. Tesla shares are down 3.8% in the pre-market session at $687.

Musk has been posting several tweets of late about cryptocurrencies, especially the joke cryptocurrency Dogecoin (DOGE).

Such tweets from the world’s second-richest person often hold the capability to move markets and many have raised concerns over them, particularly those in the cryptocurrency community.

The News Talkie Bureau

Source:

NDTV


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