[ad_1]
Billionaires from Microsoft founder turned global philanthropist Bill Gates to Tesla CEO Elon Musk are hanging over bitcoin (even Mark Cuban can’t resist).
After Musk sent the price of bitcoin significantly higher with pro-bitcoin tweets, Tesla added $ 1.5 billion worth of bitcoin to its balance sheet, pushing bitcoin even higher.
Now, as senior Federal Reserve officials expressed surprise at Bitcoin’s latest bull run, Bill Gates warned that people with less money than Musk should “probably be careful.”
Microsoft co-founder Bill Gates warned people not to get caught up in “fads” like bitcoin and … [+]
NurPhoto via Getty Images
“Elon has tons of money and he’s very sophisticated so I’m not worried that his bitcoin will randomly go up or down,” Gates said. Bloomberg in an interview. “I think people are bought into these fads that maybe don’t have as much money to spend. My general thought would be if you have less money than Elon you should probably be careful.
Later, speaking on the Clubhouse invite-only chat app, Gates said he had not personally invested in bitcoin, telling host Andrew Sorkin that he preferred to put his money in businesses. “who make products” and that he had not chosen his investments based on whether they would appreciate in value.
The price of bitcoin is known to be extremely volatile, climbing to nearly $ 60,000 last week after falling below $ 4,000 in March 2020. It has rebounded throughout the summer and started its latest bull run in October, surpassing its 2017 high in December as 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 that began in 2021 with the return of the crypto mania. change.
The price of bitcoin has skyrocketed over the past 12 months, hitting around $ 50,000 per bitcoin.
Coinbase
Musk, who briefly passed 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 rival bitcoin’s dogecoin. Some have suggested that Musk’s freewheeling tweets might catch the attention of U.S. regulators.
Although the price of bitcoin has fallen nearly 20% over the past week, many in the bitcoin and cryptocurrency community remain bullish on its outlook – indicating that the specter of inflation is raising the interest in bitcoin due to its limited supply.
“With the Fed’s re-engagement to maintain economic support and the prospect of a new stimulus package, market concerns about a sudden rise in inflation are growing,” said Artur Sapek, managing director of the platform. Cryptowatch cryptocurrency trading and charting, in comments sent via email.
“Whether or not inflation actually materializes, the fact that bitcoin has risen today shows that the market is starting to understand and buy into the value proposition behind this $ 950 billion asset.”
[ad_2]
Source link