When Bloomberg interviewed the Microsoft billionaire, he reiterated his neutral stance but said that only billionaires like Elon Musk should be involved in Bitcoin investment.
Gates was quoted as saying: “Elon is a highly sophisticated man with wads of cash. Hence, I am not concerned that his Bitcoin investment will move haphazardly.”
The tech billionaire further revealed that only Musk and other wealthy individuals should invest in Bitcoin. Then, when he was quizzed on his general advice for others, he said that anyone with lesser wealth than Elon Musk should stay out of the game of investing in Bitcoin.
There have been several reactions in the crypto world to Tesla’s investment of $1.5 billion in Bitcoin. One of which has been the giant leap in the price of Bitcoin Furthermore, experts opined that more institutional investors would likely invest in Bitcoin as well. While gates confirmed that he is not a Bitcoin bull, he reiterated that a considerable amount of fact-finding is needed in Bitcoin since the transactions are anonymous and irreversible.
He also said that digital money (and not necessarily Bitcoin) is a positive development noting that the gates foundation received lots of money through digital means during the COVID-19 period. With time, even the most impoverished countries will be using digital money.
Gates’ opinion about altcoins and Bitcoin
Bill gates had often condemned the crypto universe citing its anonymous nature as his reason. He went as far as calling it a unique technology that’s causing deaths directly. However, he has recently become neutral about this new currency that is currently dominating the financial world.
The American tech billionaire was quoted in May 2018 saying, “Investing in cryptocurrency is nothing more than a ‘greater fool theory’ form of investing.”
He further indicated that Bitcoin does not fit the definition of an asset since “You cannot expect it to rise since there is nothing being produced.” week, CNBC’s squawk box also sought his opinion about Bitcoin, and he has this to say:
“I am neutral about Bitcoin, I don’t own it. So, I can’t be short on it. Bitcoin prices thrive on mania or popular opinion. Hence, there is no way I can predict its progress or regress.”
Gates statement is proof that the Microsoft co-founder is not yet convinced about investing in Bitcoin even though Bitcoin’s value has continued to rise steadily in the past couple of years.
Bitcoin’s value may never fall below $20k again
Recently, Bitcoin recorded over a 100% increase in its year-to-date record, exceeding $58k in its price – a new price peak. Also, many finance experts are dubbing Bitcoin as the next gold giving it the name digital gold.
Many crypto analysts believe that the price of this leading coin will keep rising. Hence, they predict that this coin will be on a bullish trend in 2021 and for the foreseeable future. Crypto enthusiasts believe that Bitcoin will keep shattering old records and remain stable at higher prices even after experiencing some slight price decline. This year marks a rise in the number of established firms investing in Bitcoin.