Elon Musk himself has repeatedly boosted Bitcoin on Twitter and other platforms.
Unless you’re the richest person in the world, you shouldn’t be buying Bitcoin. That is the message of Bill Gates – the third richest.
With a rise of more than 400% in the past year, Bitcoin has become increasingly popular, and everyone, including prominent investors and lawmakers, has been talking about it. Elon Musk, the richest and richest person in the world, recently invested $ 1.5 billion in cryptocurrency through his company, Tesla Inc., and said that Bitcoin will soon be accepted for payments.
For Gates, it’s not something Main Street should buy – besides, it’s bad for the environment, as mining for coins requires a lot of energy.
“Elon has a lot of money and is very sophisticated, so I don’t worry that his Bitcoin will go up or down at random,” said Gates in an interview with Emily Chang of Bloomberg Television. “I really think people are driven into these crazes that 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.”
Musk himself has repeatedly boosted Bitcoin on Twitter and other platforms.
Musk, which is worth $ 189.6 billion according to the Bloomberg Billionaires Index, has been an avid supporter of Bitcoin – so much so that it has influenced the price of the token. It rose to 76% this month after Tesla’s investment, before dropping 13% after he tweeted that cryptocurrency prices “look high”.
Bitcoin was trading for about $ 51,400 at 8:30 am in New York on Thursday.
The Bitcoin debate is not new. Billionaire Warren Buffett believes that cryptocurrencies are worthless and produce nothing. Treasury Secretary Janet Yellen, another longtime skeptic, said at a New York Times conference earlier this week that Bitcoin is an “extremely inefficient way of conducting transactions”.
But with more and more companies beginning to accept Bitcoin – like PayPal Holdings Inc., Visa Inc. and MasterCard Inc. recently – the token has gained greater acceptance. While central banks, including the Federal Reserve and the European Central Bank, are studying how to digitize their own sovereign currencies, and companies like Fidelity Investments Inc. launch funds that allow investors to add cryptocurrencies to their portfolios, the debate is here to stay.
(Except for the title, this story has not been edited by the NDTV team and is published from a syndicated feed.)