Bill Gates warns young people against copying Elon Musk in the cryptocurrency field

Bill Gates warns young people against copying Elon Musk in the cryptocurrency field  Bill Gates has issued a strong warning to Elon Musk fans about the risks posed by investing in cryptocurrencies.  The 66-year-old Microsoft founder said the cryptocurrency market is a huge risk for anyone with less cash than Musk.  Gates was asked - in an interview with Bloomberg last year - about the possibility of Musk earning more in one year from investing in Bitcoin than selling Tesla electric cars.  Musk has been known to be an outspoken supporter of cryptocurrency for years, sometimes causing sharp swings in its value. In October of last year, Musk admitted owning unspecified amounts of Bitcoin and Ethereum, two of the world's largest cryptocurrencies.  He also has holdings of Dogecoin which is a jokingly created "meme coin" about which he often tweets sarcastic.  Gates said cryptocurrency investments are less risky for wealthy people, such as Musk, because they have huge cash reserves that they can return to in case their purchases fall in value.  "Elon has a lot of money and he's very sophisticated, so he's not worried that bitcoin will go up or down randomly," he added. "I think people get into this obsession with not having the same amount of money to avoid big losses, so I'm not optimistic about Bitcoin," he continued.  "Summary: If you have less money than Elon, watch out," Gates added. Musk's ability to inject, or inflate, the value of cryptocurrencies with a single tweet has caused a lot of trouble for investors over the years.  In February 2021, the billionaire tweeted "Doggy" in reference to a cryptocurrency based on a popular online meme. He later tweeted, “Dogecoin is the cryptocurrency for people,” after which the price of Dogecoin rose by more than 60%.  In June of that year, Bitcoin plummeted 7% after Musk tweeted "#Bitcoin," the emoji of a broken heart and a photo of a couple discussing a breakup.  He also forced prices higher by tweeting that Tesla would accept payments in Bitcoin and Dogecoin. CNN reported that Tesla owns $2 billion worth of bitcoin after an initial investment of $1.5 billion in the cryptocurrency last year.  The tweets, which experts described as irresponsible, have made some followers wealthy while prompting others to squander huge amounts of cash.  Speaking to CNN last year, William Quigley, managing director of Magnetic, a cryptocurrency investment firm, said, "Please don't pay attention to what Elon has to say about cryptocurrency because he's simply not an expert."  Referring to Musk's tweets about Dogecoin at the time, he added, "I think it was a joke to him, but a lot of people, unfortunately, follow what he says."  "Maybe when it comes to energy efficient cars, you should listen to him, but please ignore anything he says about bitcoin and cryptocurrencies in general," Quigley advised.  Musk has repeatedly promoted cryptocurrency, addressing his huge number of followers on Twitter.

Bill Gates has issued a strong warning to Elon Musk fans about the risks posed by investing in cryptocurrencies.


The 66-year-old Microsoft founder said the cryptocurrency market is a huge risk for anyone with less cash than Musk.

Gates was asked - in an interview with Bloomberg last year - about the possibility of Musk earning more in one year from investing in Bitcoin than selling Tesla electric cars.

Musk has been known to be an outspoken supporter of cryptocurrency for years, sometimes causing sharp swings in its value.
In October of last year, Musk admitted owning unspecified amounts of Bitcoin and Ethereum, two of the world's largest cryptocurrencies.

He also has holdings of Dogecoin which is a jokingly created "meme coin" about which he often tweets sarcastic.

Gates said cryptocurrency investments are less risky for wealthy people, such as Musk, because they have huge cash reserves that they can return to in case their purchases fall in value.

"Elon has a lot of money and he's very sophisticated, so he's not worried that bitcoin will go up or down randomly," he added.
"I think people get into this obsession with not having the same amount of money to avoid big losses, so I'm not optimistic about Bitcoin," he continued.

"Summary: If you have less money than Elon, watch out," Gates added.
Musk's ability to inject, or inflate, the value of cryptocurrencies with a single tweet has caused a lot of trouble for investors over the years.

In February 2021, the billionaire tweeted "Doggy" in reference to a cryptocurrency based on a popular online meme.
He later tweeted, “Dogecoin is the cryptocurrency for people,” after which the price of Dogecoin rose by more than 60%.

In June of that year, Bitcoin plummeted 7% after Musk tweeted "#Bitcoin," the emoji of a broken heart and a photo of a couple discussing a breakup.

He also forced prices higher by tweeting that Tesla would accept payments in Bitcoin and Dogecoin.
CNN reported that Tesla owns $2 billion worth of bitcoin after an initial investment of $1.5 billion in the cryptocurrency last year.

The tweets, which experts described as irresponsible, have made some followers wealthy while prompting others to squander huge amounts of cash.

Speaking to CNN last year, William Quigley, managing director of Magnetic, a cryptocurrency investment firm, said, "Please don't pay attention to what Elon has to say about cryptocurrency because he's simply not an expert."

Referring to Musk's tweets about Dogecoin at the time, he added, "I think it was a joke to him, but a lot of people, unfortunately, follow what he says."

"Maybe when it comes to energy efficient cars, you should listen to him, but please ignore anything he says about bitcoin and cryptocurrencies in general," Quigley advised.

Musk has repeatedly promoted cryptocurrency, addressing his huge number of followers on Twitter.
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