• Bill Gates known for a long time as a bitcoin critic
• Criticism of high energy consumption and no added value for society
• Warning against high-risk Bitcoin investments
No crypto fan has been lost to Bill Gates. The Microsoft founder made this clear in the past when he warned in a Bloomberg interview last year not to get infected by the crypto hysteria. The background was that of Tesla boss Elon Musk Announced, large-scale Bitcoin investment by the electric car manufacturer in the amount of 1.5 billion US dollars, which caused a big upswing in the crypto market.
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Gates not bullish on bitcoin
As Gates said at the time, “I think people buy into these manias who don’t have that much money to spare, so I’m not bullish on bitcoin and my general thought is that if you have less money than Elon, you should you’re probably watching”. With a billionaire like Musk, he would worry less if the Bitcoin price shows large fluctuations.
Digital currencies as such offer many advantages
When asked by the interviewer why Gates is not bullish on Bitcoin, the tech enthusiast explained that he is generally positive about digital currencies and is also working on digital currencies with the Bill and Melinda Gates Foundation, although they take a different approach, than Bitcoin does, which consumes enormous amounts of energy and stands for anonymity. The digital currencies the foundation is aiming for are regulated to prevent money laundering and terrorist financing, but at the same time they offer the benefits of cheap transaction costs. Various countries could have benefited from these inexpensive transfers even during the corona pandemic. Accordingly, digital currencies as such are “something super positive” that would ultimately also reach the poorest countries.
Bitcoin with no added value for society
Bill Gates recently reiterated his criticism of Bitcoin during a question and answer session on the Reddit forum. When asked if he owned Bitcoin or other cryptocurrencies, he replied: “I don’t own any. I like to invest in things that generate valuable output. The value of companies is determined by how they make great products. The value Crypto is only determined by what someone else is willing to pay for it, unlike other investments, so it contributes nothing to society.”
Crypto market under pressure
The Microsoft founder’s assessment comes at a time when Bitcoin and other cryptocurrencies are under a lot of pressure. The tense mood on the financial markets has also had an impact on the crypto market and caused drastic discounts. The crash of the algorithmic stablecoin Terra also triggered a shock wave, especially among small investors, and numerous investors are faced with a total loss.
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