The billionaires of global philanthropist Bill Gates, founder of Microsoft, and Tesla CEO Elon Musk weigh in on bitcoin (even Mark Cuban can’t resist).
After Musk sent the price of bitcoin sharply higher with pro-bitcoin tweets, Tesla added bitcoin worth $ 1.5 billion to its balance sheet, further increasing bitcoin.
Now, with top Federal Reserve officials expressing surprise at Bitcoin’s latest bitcoin race, Bill Gates has warned that people with less money than Musk “should probably watch out.”
Microsoft co-founder Bill Gates warned people to get caught up in “manias” like Bitcoin and … [+]
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“Elon has a lot of money and he’s very sophisticated, so I don’t care if his bitcoin goes up or down at random,” Gates said. Bloomberg in an interview. “I think people buy into these obsessions that maybe they don’t have that much money to save. My general thought would be that if you have less money than Elon, you should probably watch out.”
Later, speaking on the Clubhouse chat app, for invitations only, Gates said he has not personally invested in bitcoins, and told host Andrew Sorkin that he would rather put his money into companies that manufacture products. “and that he did not choose his investments based on whether they would appreciate their value.
The price of bitcoin is known for its extreme volatility, which rose to nearly $ 60,000 last week after falling to less than $ 4,000 in March 2020. It recovered over the summer and began its last race. of bulls in October, surpassing the 2017 high in December, while institutional investors showed renewed interest in digital assets.
Last week, the combined value of the 18.6 million bitcoin tokens in circulation reached $ 1 trillion for the first time – double the $ 500 billion it began in 2021 as the cryptocurrency craze returned in force.
The price of bitcoin has skyrocketed over the past twelve months, reaching $ 50,000 per bitcoin.
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Musk, who briefly surpassed Amazon founder Jeff Bezos as the richest person in the world this year, has long been a supporter of bitcoin and cryptocurrencies, regularly tweeting about the “joke” of rival dogecoin bitcoin. Some have suggested that Musk’s free-wheeled tweets could catch the attention of U.S. regulators.
Although the price of bitcoin fell nearly 20% over the past week, many in the bitcoin and cryptocurrency community remain optimistic about their outlook, noting that the inflation spectrum is the interest that bitcoin generates in due to its limited supply.
“With the Fed’s commitment to maintaining economic support and the prospect of a new stimulus package, market concerns about a sudden rise in inflation are growing,” said Artur Sapek, CEO of the platform. Cryptowatch cryptocurrency trading and charts, in emailed comments.
“Regardless of whether inflation materializes or not, the fact that Bitcoin has grown today shows that the market is beginning to understand and acquire the value proposition that underpins this $ 950 billion asset.”