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While Elon Musk has sparked a buying spree on the cryptomarket, anyone with less money than the richest person on the planet should avoid investing in bitcoin, said multi-billionaire Bill Gates.
The co-founder of Microsoft, which has the third largest fortune in the world and calls himself a “Bitcoin skeptical”, has faced the world’s most popular cryptocurrency several times this week. In one of his recent discussions on the popular Clubhouse app, he pointed out that the production of bitcoin is bad for the environment. “Bitcoin uses more electricity per transaction than any other method known to mankind”, Gates said.
The statement came about two weeks after researchers at the University of Cambridge discovered that mining bitcoin uses more electricity than some countries – for example, Argentina.
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As the token began to fall this week, Gates said in an interview with Bloomberg that while price fluctuations may not be a concern for people like the “sophisticated” and wealthy Tesla CEO, the risks would be worrisome for others. “I think that 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,“ he said.
This week saw a halt in Bitcoin’s record rally, as it went from a near-record high of $ 58,000 to its current level of around $ 47,300, according to data from CoinDesk.
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Meanwhile, Musk has actively promoted the use of bitcoin, anticipating that it may soon gain greater recognition. His company, Tesla, recently invested $ 1.5 billion in cryptocurrency and explored the option of accepting the token as payment. Despite the definition of movement as “adventurous,” he still believes that investing in bitcoin is less “stupid” than investing in fiat currency, he said.
Musk has also been busy tweeting about another token, the dogecoin cryptocurrency joke, sparking yet another trading frenzy. One of his recent tweets included an image of the play’s mascot, the famous Shiba Inu, standing on the moon. However, these dogecoin-related tweets have reportedly triggered an investigation by the United States Securities and Exchange Commission (SEC). Musk is no stranger to drawing the ire of regulators – in 2018, the SEC took legal action against him after announcing he had secured funding to privatize Tesla.
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