While Elon Musk has been driving a shopping frenzy in the cryptocurrency, anyone who has less money than the richest person on the planet should avoid investing in bitcoin, says billionaire Bill Gates.
The co-founder of Microsoft, who boasts the world’s third largest fortune and calls himself a “Skeptical Bitcoin,” took over the most popular cryptocurrency in the world several times this week. In one of his recent chats on the popular Clubhouse app, he pointed out that bitcoin production is harmful to the environment. “Bitcoin uses more electricity per transaction than any other method known to mankind”, Said Gates.
The statement came about two weeks after researchers at the University of Cambridge found that bitcoin mining consumes more electricity than some countries – for example, Argentina.
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As the token started falling this week, Gates said in an interview with Bloomberg that, while price fluctuations may not be a concern for companies like “sophisticated” and Tesla’s wealthy CEO, the risks would be worrying to others. “I I think people fall into these ways that they may not have much money to spend. My general thought would be that if you have less money than Elon, you should probably be careful,“ he said.
This week there was a halt in the record bitcoin rally, which fell from an almost record $ 58,000 to its current level of around $ 47,300, according to data from CoinDesk.
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Meanwhile, Musk has been actively promoting the use of bitcoin, predicting that it will soon be able to gain greater recognition. His company, Tesla, recently accumulated $ 1.5 billion in cryptocurrencies and explored the option of accepting the token as payment. Despite defining the movement as “adventurous,” he still believes that investing in bitcoin is less “dumb” than investing in fiat currency, he said.
Musk is also busy tweeting about another token, the dogecoin cryptocurrency joke, sparking another commercial frenzy. One of his recent tweets included an image of the coin’s mascot, the famous Shiba Inu meme, standing on the moon. However, these dogecoin-related tweets would have triggered an investigation by the United States Securities and Exchange Commission (SEC). Musk is no stranger to attracting the ire of regulators – in 2018, the SEC filed a lawsuit against him after he announced that he had secured funding to make Tesla private.
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