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Bill Gates Warns that Only Billionaires like Elon Musk Should Venture into Bitcoin Investment

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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.



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Altcoin

Altcoins bounce to new highs as Bitcoin price trades sideways under $50K

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The cryptocurrency market recovered some of the losses from the past couple of days on Feb. 25 as Bitcoin (BTC) briefly pushed back above the $50,000 level and multiple altcoins have seen double-digit price gains. 

Data from Cointelegraph Markets and TradingView shows that Bitcoin bounced off a low of $45,200 late on Feb. 24 before rallying 15% to the $52,000 in the morning trading session.

BTC/USDT 4-hour chart. Source: TradingView

While the rebound in the cryptocurrency market is a welcome sight for bullish investors, Bitcoin price is still finding resistance above $50,000 and this level has yet to be confirmed as support.

Economists have also begun to worry about the rising Treasury yields, which are usually a signal of weakness for the economy and can have a large impact across many markets.

Catalysts for a $100,000 Bitcoin

Now that Bitcoin has entered a slight corrective phase, analysts are debating whether or not the digital asset will be able to surpass $100,000 by the end of 2021.

According to Giles Coghlan, Chief Currency Analyst at HYCM, the answer to that question “depends on who you ask,” with crypto advocates feeling “very bullish” that 2021 “will be the year Bitcoin steps into the limelight” while traditionalists remain skeptical about the “risky, unpredictable market.”

Coghlan sees the momentum behind the recent gains being driven by “the general public hype” following pro-crypto tweets from Elon Musk and Mark Cuban, but now the enthusiasm “seems to be waning” as Bitcoin struggles to hold $50,000.

Due to the volatile nature of BTC, it’s “too early to tell if this will be the new baseline support level.”

Coghlan said:

“I wouldn’t be surprised if the price slowly drops back to $40,000 USD in the coming weeks, which seems to be a more realistic level of support. A drop below this is also plausible based on how Bitcoin performed over the course of 2020.”

The analyst sees the acceptance and endorsement of Bitcoin by “large institutional funds and regulatory bodies” as the next big driver of new price highs, which would also end the domination of the crypto market by retail traders and could lead to a “less volatile” market as a result.

Announcements and protocol upgrades boost altcoin prices

Several large and mid-cap altcoins saw their prices breakout on Thursday as recent announcements and new integrations push trading volumes higher.

Daily cryptocurrency market performance. Source: Coin360

Cardano (ADA) is the best performing coin in the top 10, currently up 10.4% and trading at $1.15, while Fantom (FTM) continues to benefit from its recent cross-chain integration with Ethereum (ETH) and is up 31.79% to a price of $0.7755. 

Other notable performers include Enjin (ENJ), which is currently up 34% and trading at $0.6221. Polygon (MATIC) has also ncreased by 27.74% and trades at $0.2023.

BTC/USD daily chart. Source: Coin360

The overall cryptocurrency market cap now stands at $1.533 trillion and Bitcoin’s dominance rate is 61.3%.