Bill Gates

Bill Gates Warns Against Bitcoin Investment

Despite the recent boom of Bitcoin, Microsoft’s founder, Bill Gates is yet to become a fan of the cryptocurrency. In a recent interview with Bloomberg, Gates warned people not as rich as Elon Musk to be careful about investing in Bitcoin. According to the philanthropist, “if you have less money than Elon, you should probably watch out.”

In the interview, Gates highlighted that it is difficult to tell where price of the crypto asset will go, making references to the volatility of the coin. He also added that he is not a fan of BTC because of the “amount of electricity it consumes and (its) promotion of irreversible anonymous transactions.”

Some days back, the billionaire revealed that he owns no Bitcoin, but his viewpoint on the cryptocurrency has changed from negative to neutral.

Bill Gates has Always Been a Bitcoin Critic

Bill Gates recent statement about the digital coin is not entirely surprising as he has always been a critic of Bitcoin and other cryptocurrencies. Though Bitcoin has started gaining traction among investors, Gates does not seem to be entirely convinced about the ability of the crypto asset.

Previously, Gates had openly spoken against Bitcoin saying that he would short it if he could. He noted that Bitcoin promotes anonymity even though the underlying technology, blockchain, has its benefits.

In recent times, the price of Bitcoin witnessed a major price decline after hitting an all-time high around $58,000. Analysts, however, have said that the virtual coin could be the new store of value and a hedge against inflation.

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