Bill Gates warns: Stay Off Bitcoin if you have less money than Elon Musk

By: Henry Felix

Bill Gates warns: Stay Off Bitcoin if you have less money than Elon Musk

February 24, 2021 1:47 AM

Founder of Microsoft Bill Gates, who is ranked three places behind Elon Musk as the fourth richest man in the world.
Has warned anyone with less money than the worlds richest man to watch out.


Bill Gates handed out a warning to potential Bitcoin buyers who are looking to follow Elon Musk after Tesla $1.5 billion Bitcoin investment.


In a interview with Bloomberg's Emily Chang, Bill Gates indicated that Musk has access to refined trade management strategies which an average investor isn't privileged to have.


During the interview Gates was asked about the weakness of Bitcoin price to crash just after a mere tweet, Gates responded and said: " Elon is very sophisticated and has tons of money so, I don't don't worry that his Bitcoin valuation would randomly go up or down."


It's been a little over two weeks since Tesla announced its $1.5 billion bitcoin purchase, and after hours of his tweet in reply to gold bug Peter schiff which reads that the price of Bitcoin and Ether are "high," the price of bitcoin crashed below $46,640 from $58,252 in a 20% price decline.


Musk, himself who in recent weeks has been a subject to a possible investigation on his market moving tweets, has been in the center of bitcoin latest price crash as the top ranked crypto assets quickly lost over $200 billion from it's market cap.


The Microsoft Founder warns that it would be misleading for an average investor to blindly follow the trend of hope associated with Elon Musk market moves. He told those who aren't billionaires to "watch out".


Gates buttressed on the point of Bitcoin’s energy consumption, he said that the cryptocurrency didn’t return much in the way of output.


“There are things we invest in society which produce output. Bitcoin happens to use a lot of energy. It happens to promote anonymous transactions and they’re not reversible transactions,” Gates added.