Bill Gates Warns Against Investing in Bitcoin: If You Are Not on Forbes List, Watch Out
16:27 GMT 11.03.2022 (Updated: 16:28 GMT 11.03.2022)
© AFP 2023 / MICHAEL COHEN
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In 2008, a person going by the name Satoshi Nakamoto published an article in which he described the concept of Bitcoin. His idea was met with scepticism and laughter. Fast forward to 2022, and Bitcoin is the most expensive cryptocurrency, with major companies accepting it as payment.
Microsoft co-founder Bill Gates has warned individuals against investing in Bitcoin unless their names are on the list of Forbes’ richest individuals. He pointed to the cryptocurrency’s high volatility and decentralised system, saying the value of Bitcoin could be swayed by something as simple as a tweet by Tesla and SpaceX CEO Elon Musk.
"Elon has tons of money, and he's very sophisticated, so I don't worry that his Bitcoin will randomly go up or down. I do think people get brought into these manias who may not have as much money to spare, so I'm not bullish on Bitcoin. If you have less money than Elon, you should probably watch out", the Microsoft co-founder said.
Elon Musk, the world’s wealthiest individual, is a big fan of cryptocurrencies and often posts about them on social media. There were instances, when the tech entrepreneur’s tweets resulted in a surge of their value.
This is not the first time Bill Gates has spoken negatively about Bitcoin. Previously, the entrepreneur has lamented the cryptocurrency allegedly damaging the environment.
"Bitcoin uses more electricity per transaction than any other method known to mankind. So it’s not like a great climate thing", he said.
Gates, who is said to have donated $50 billion to philanthropic causes since 1994, has in recent years focused his attention on climate change, which he considers the biggest problem facing humanity.
At the same time, the Microsoft co-founder has spoken highly of cryptocurrencies, stressing that "digital money is a good thing" when it comes to funding poorer countries.
This is not the first time Bill Gates has spoken negatively about Bitcoin. Previously, the entrepreneur has lamented the cryptocurrency allegedly damaging the environment.
"Bitcoin uses more electricity per transaction than any other method known to mankind. So it’s not like a great climate thing", he said.
Gates, who is said to have donated $50 billion to philanthropic causes since 1994, has in recent years focused his attention on climate change, which he considers the biggest problem facing humanity.
At the same time, the Microsoft co-founder has spoken highly of cryptocurrencies, stressing that "digital money is a good thing" when it comes to funding poorer countries.
