Bitcoin, the digital currency that has taken the world by storm, has not won over Bill Gates, the Microsoft co-founder. Unlike some other celebrities and tech leaders who have endorsed Bitcoin, Gates has voiced his doubts about the cryptocurrency.
He is worried about how Bitcoin’s price can fluctuate wildly due to social media influence. He cited Elon Musk’s posts on X (Twitter) as an example of how cryptocurrency prices can be affected.
Tesla’s Investment in Bitcoin
Tesla, Elon Musk’s electric car company, bought $1.5 billion worth of Bitcoin, which boosted its price. In March 2021, when Bitcoin was trading at over $60,000, Tesla cashed in 10% of its Bitcoin stash for more than $250 million.
Even though Tesla’s stock price fell by 20%, it still had a lot of Bitcoin left. But in June 2022, when the market crashed, Tesla sold most of its remaining Bitcoin to raise cash.
All this happened when Bitcoin’s price dropped below $20,000. In 2023, Bitcoin’s price rose by almost 150%. As a result, many people wondered if the value had appreciated.
Bill Gates’ Views on Bitcoin
Bill Gates shared his views on Bitcoin’s volatility in an old YouTube video that resurfaced recently. He said that Bitcoin’s price can go up or down randomly, and that he was not worried about Elon’s Bitcoin because he had a lot of money and was very smart.
He, however, warned those with less money than Elon to be careful about investing in cryptocurrencies, because they could lose a lot of money. Gates also commented on other bigger issues and problems of cryptocurrency, such as the lack of regulation and the possibility of abuse.
Particularly, he was concerned that cryptocurrencies like Bitcoin are not regulated and allow people to make transactions anonymously, which could lead to illegal activities.
