Microsoft Corp. Co-Founder Bill Gates shared his skeptical views on Bitcoin, distinguishing himself from other tech and celebrity figures who have embraced the cryptocurrency. Gates expressed concern over the volatile nature of Bitcoin, especially how its value could be significantly influenced by social media activity, notably mentioning Tesla Inc. CEO Elon Musk’s posts on X as an example of factors that can sway cryptocurrency prices. In 2021, Tesla invested $1.5 billion in Bitcoin, causing it
Elon Musk himself has repeatedly boosted Bitcoin on Twitter and other platforms.
Unless you re the world s richest person, you shouldn t be buying Bitcoin. That s the message from Bill Gates - the third richest.
With a rally of more than 400% over the past year, Bitcoin has become increasingly mainstream, and everybody including prominent investors and policy makers have been talking about it. The world s on-again, off-again richest person, Elon Musk, recently invested $1.5 billion in the cryptocurrency through his company, Tesla Inc., and said Bitcoin would soon be accepted for payments.
For Gates, it s not something Main Street should buy into - plus it s bad for the environment as mining the coins requires a lot of energy.