Bill Gates’ Criticism of Bitcoin Amidst Its Meteoric Rise

Billionaire Bill Gates, co-founder of Microsoft, recently commented that even highly intelligent individuals can deceive themselves when it comes to certain matters.

Record Bitcoin Values

Gates’ comments come as Bitcoin’s value reached record levels in recent weeks, with the cryptocurrency industry as a whole hailing Donald Trump’s presidency as a positive moment.

Market Fluctuations

Cryptocurrency prices took a significant hit on Monday due to the potential for a trade war between the United States and its trading partners. Some well-known digital assets saw their values drop by more than 10%, according to the Associated Press.

Nevertheless, the notoriously volatile investment recovered later on Monday, with Bitcoin’s price rising back above $100,000.

Gates’ Skepticism

Previously, Gates, whose net worth is approximately $165 billion, had expressed skepticism about Bitcoin and its volatility. In 2022, he warned that it might be a risky investment for those without substantial financial resources. Gates offered a scathing assessment of cryptocurrencies, stating that they were essentially useless.

Musk’s Bitcoin Holdings

In an interview with Bloomberg, Gates was asked about his opinion on Elon Musk’s Tesla holding significant amounts of Bitcoin at the time. Gates responded, “Elon has a lot of money and is very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down.”

Public Fascination

Gates added, “I think people who may not have much money might get caught up in this mania. So, I’m not optimistic about Bitcoin. My general thought is that if you have less money than Elon, you should probably watch out.”

By 2022, Musk had already become the world’s richest person. His net worth now exceeds $433 billion, and he has been given a significant role in the Trump administration.

Gates also noted that society invests in things that produce output, but Bitcoin is not one of them. He added that “Bitcoin uses a lot of energy and promotes anonymous transactions, which are irreversible,” according to the New York Times.

Gates Foundation’s Work

Gates mentioned that the Gates Foundation, a nonprofit organization established in 2000, “does a lot in terms of digital currency, but these are things where you can see who’s doing the transaction.”

Billionaire Warren Buffett has also been a longtime critic of cryptocurrencies, describing them as “rat poison” and “gambling tokens,” predicting that they will come to a “bad end.”