Before Gates changed his view on Bitcoin from “negative” to “neutral,” the billionaire had criticized crypto anonymity. He referred to cryptocurrency as “a rare technology that has caused deaths in a fairly direct way.”
Microsoft Corporation (NASDAQ: MSFT) co-founder and American billionaire Bill Gates said that Bitcoin is only for billionaires like Tesla Inc (NASDAQ: TSLA) CEO Elon Musk. Gates aired his opinion on Bitcoin during a recent interview with Bloomberg.
Shortly after Gates revealed his status on Bitcoin investment, the billionaire added in a more recent interview that only wealthy people like Musk should get into Bitcoin. While speaking during the interview, Gates said:
“Elon has tons of money, and he’s very sophisticated. I don’t worry that his Bitcoin will sort of randomly go up and down.
Further revealing his stance on Bitcoin, the billionaire noted what his “general thought would be.” He warned that anyone that has less money than Tesla’s CEO “should probably watch out” on BTC investment.”
Since Tesla’s announced its $1.5 billion investment in Bitcoin, it has sparked lots of reactions in the crypto space. The price of Bitcoin has been surging since the announcement. Also, analysts have predicted that Tesla’s move on Bitcoin would encourage more institutional investors.
Stating that he is not bullish on Bitcoin, Gates said that Bitcoin requires a lot of energy and promotes anonymous irreversible transactions. Although, he added that digital money is a good thing. He noted that The Gates Foundation was able to get money through digital money during the pandemic. He noted that not Bitcoin but digital money is a super positive thing that eventually would get to even the poorest countries.
What Gates Thinks about Bitcoin and Other Cryptocurrencies
Before Gates changed his view on Bitcoin from “negative” to “neutral,” the billionaire had criticized crypto anonymity. He referred to cryptocurrency as “a rare technology that has caused deaths in a fairly direct way.”
In May 2018, the Microsoft co-founder said cryptocurrency investment is a “greater fool theory” type of investment.” He added that as an asset class, “you’re not producing anything and so you should not expect it to go up.”
About a week ago, Gates discussed Bitcoin with CNBC’s Squawk Box. He said:
“I do not own Bitcoin, I’m not short Bitcoin, so I’ve taken a neutral view. Bitcoin can go up and down just based on the mania or whatever the views are. I don’t have a way of predicting how that will progress.”
According to Gate’s statement, the billionaire is still not convinced about Bitcoin investment. This is despite the fact that Bitcoin has continuously increased over time. Bitcoin recently hit a new record high of over $58,000, registering more than a 100% increase in its year-to-date record.
Additionally, analysts are comparing Bitcoin with gold, viewing the cryptocurrency as the new form of digital gold. There are also several bullish predictions on Bitcoin for 2021 as many believe that the king coin would continue to pull in further increases.
Bitcoin has also seen a rise among institutional investors.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
