Microsoft founder Bill Gates warns cryptocurrency enthusiasts about the potential risks of investing in Bitcoin amid news of Tesla’s digital asset investment.
In a recent interview with Bloomberg, Gates suggested that Elon Musk has access to sophisticated trade management techniques that the average investor is not familiar with. In other words, bringing Tesla into the crypto market may not be the most positive news for the average crypto fan. Especially if he expects the Bitcoin price to continue to rise exclusively after that.
This is not the first time Bill Gates has mentioned Bitcoin. Last week, he spoke about cryptocurrency and assured that he now treats it neutrally. That is, he does not make any attempts to make money on a coin – both on growth and on a fall.
However, before that, everything was different. In particular, in the first half of 2018, he repeatedly criticized the first cryptocurrency. First, he said that Bitcoin is mainly used to buy drugs. Thus, he made it clear that BTC was «involved in the death of people.»
Then he called the cryptocurrency a speculative asset and recommended not counting on the growth of Bitcoin. The announcement was made in early May 2018, when the cryptocurrency was valued at 9-10 thousand dollars. And today – even taking into account the recent market crash – BTC costs at least five times more, so Bill Gates’ previous forecast has already failed miserably.
Bitcoin price chart from May 2018
From this we draw an intermediate conclusion that Gates has already criticized Bitcoin and is biased towards it. The entrepreneur does not want to acknowledge the benefits of a blockchain asset and instead argues that all the benefits of crypto are needed by people except for «buying drugs» on the Internet.
Bill Gates on Bitcoin and Tesla
Bill’s main message: Elon Musk has a lot of money, so he may well carry out ordinary market manipulations in the blockchain asset market. Recall that Musk has already done something similar – albeit not directly. A few weeks ago, he actively tweeted about Dogecoin, after which its price skyrocketed.
Here is a quote from Gates, in which he shares his attitude to what is happening. The replica is provided by Cointelegraph.
Elon has a lot of money and is very sophisticated, so, you know, I’m not worried about Bitcoin going up or down randomly.
That is, Bill believes that since the volume of investments in Bitcoin on the part of Tesla is too large, then investors will seek their growth in any possible way. At the same time, the entrepreneur does not admit the thought that Musk really sees the future of the financial system in cryptocurrencies and thus wants to protect himself and the company from possible changes in the world.
As a result, critics admit that Tesla may have had a hand in the recent collapse of Bitcoin from the levels of a new all-time high. It is important to note here that a few hours before the main phase of the market crash, Elon tweeted that the price of BTC and Ethereum is, indeed, now allegedly “slightly overpriced” .
In this regard, Gates noted that it would be a mistake for the average investor to blindly follow Elon Musk’s mania of optimism about market movements. Here is a quote from him.
I really think that these manias involve people who may not have enough money to spare. So, I’m not optimistic about Bitcoin, and my general thought would be if you have less money than Elon, you should probably be careful.
Note that Elon Musk has enough critics and his company’s investments are really enough. In particular, the day before, the entrepreneur was attacked by the arguments of Peter Schiff, a well-known gold fan. Here is his line, in which he mentioned Musk and even started it.
Two weeks after Elon Musk talked about spending $ 1.5 billion of shareholders on the purchase of Bitcoin, Tesla stock entered a bearish phase. They are down 20 percent from their all-time high on January 25 and 16 percent since the BTC purchase announcement. This is clearly not an example for other CEOs to follow.
Elon Musk responded to Peter with the eggplant emoji, which in this case acted as a designation for the male genital organ.
Elon Musk’s tweet
After that, Peter Schiff put emoji in his Twitter signature.
Peter Schiff’s Twitter Profile
We believe that it is not worth changing our views on cryptocurrency because of the criticism of Bill Gates. To be sure, Bitcoin and other coins are still a young asset class, making it difficult for people to take them seriously. This provokes such statements and warnings.
Although experience shows that before that, Gates was exclusively mistaken about Bitcoin. Cryptocurrency is able to change the world and be a full-fledged investment tool. In addition, she knows how to grow in any conditions, although Bill predicted the opposite. Therefore, all that remains here is to rejoice at the fact that the growing popularity of cryptocurrencies makes world famous people talk about them.
