Bill Gates On Investing In Bitcoin: 'If You Have Less Money Than Elon, You Should Probably Watch Out'
The co-founder of Microsoft Corp. (NASDAQ: MSFT) Bill Gates is not optimistic about Bitcoin (BTC) and warns others to reconsider such investments - unless they have more money than Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA).
What Happened: Gates told Bloomberg on Monday that he wasn't worried about Musk's Bitcoin going up or down by accident.
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"Elon has loads of money and is very demanding," said the tech entrepreneur, adding that he is more concerned about people falling into manias with little money to spare.
"If you have less money than Elon, you should probably be careful," Gates told Bloomberg.
The philanthropist stated that he doesn't like Bitcoin, mostly because of its power consumption and encouraging irreversible anonymous transactions. and that he's more enthusiastic about digital currencies.
"Digital money is a good thing," Gates said, claiming the difference is in regulatory compliance and the convenience and low cost associated with cryptocurrency transactions.
Why It Matters: Gates told CNBC last week that he was "neutral" to Bitcoin and recognized the role of cryptocurrency in lowering transaction costs.
Gates also praised Musk on a New York Times podcast, describing the entrepreneur's work with Tesla as "one of the greatest contributions to climate change anyone has ever made."
Musk has increasingly tweeted about cryptocurrencies this year, particularly the joke cryptocurrency Dogecoin (DOGE).
The Tesla CEO's tweets frequently move markets and several people, including those in the cryptocurrency community, have expressed concern about such statements from the world's second richest person.
The electric vehicle maker also announced a $ 1.5 billion investment in bitcoin earlier this month, but Musk said the move "doesn't directly reflect my opinion."
Price Action: Bitcoin was trading 14.3% lower at $ 47.906.71 Tuesday at press time. Tesla stock fell 3.8% to $ 687 in the pre-market session.
Read Next: Elon Musk lost B in a single day and the cause could be one of his own tweets
Photo courtesy of the World Economic Forum via Wikimedia
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