The name of Elon Musk is related to power and money. He’s currently the richest person in the world, with an approximate net worth of $267 billion. What’s most, he’s one of the few people, if not the only one, who has immense influence on how the cryptocurrency market behaves. It only takes a single tweet by him for the value of cryptocurrencies to soar. Such was the case with his tweet about Bitcoin.
One person who has a warning about Musk and crypto is the Microsoft founder, Bill Gates.
He spoke openly about the risks of investment saying that the cryptocurrency market is precarious for anyone who doesn’t have as much money as Musk has. As we are all aware that no other person has Tesla’s owner’s wealth, the message Gates tries to spread is clear. Further, Gates warns that people might end up with nothing in case the crypto bubble bursts. Those loses won’t affect Musk a great deal, having in mind his enormous wealth, but the ordinary people won’t be able to absorb those loses.
This wasn’t the first time for Gates to speak about Musk. Back in February 2021, he told Bloomberg: “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down. I do think people get brought into these manias who may not have as much money to spare so I’m not bullish on Bitcoin. My thought would be if you have less money than Elon, watch out.”
In January 2021, Musk changed his Twitter bio to #bitcoin and he changed the direction of the cryptocurrency. Needless to say, it skyrocketed. In case he decides to slam Bitcoin, the stock is likely to fall very fast since cryptocurrencies don’t have a fixed exchange rate.
Another person who shares Gates’ thoughts, William Quigley, the MD of Magnetic, recently informed CNN: “Please don’t pay attention to what Elon Musk says about crypto because he is simply not an expert. I think for him it was more of a joke, but a lot of people, unfortunately, follow what he says. Maybe when it comes to energy-efficient cars look at what he does, but ignore anything he says about bitcoin and crypto in general.”
This came as an answer to Musk’s tweets about DOGE coin, Bitcoin, and SHIB.
According to a report by The Guardian, the value of Dogecoin went up by 5,859 percent, and at least part of that is a result of the cryptocurrency being mentioned by Musk on social media.
The Tesla and SpaceX titan’s power is so huge that it only takes a single tweet for him to demonstrate it.
As for Gates, he and Musk have demonstrated different opinions about same issues in the past, including the coronavirus pandemic. For example, in a podcast interview with The New York Times in September 2020, Musk defended his role in coronavirus relief efforts. “Gates said something about me not knowing what I was doing,” Musk said. “It’s like, ‘Hey, knucklehead, we actually make the vaccine machines for CureVac, that company you’re invested in.'”
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