Bill Gates warned the world over Elon Musk and the danger posed by banking on the value of cryptocurrencies.
The world's richest person, SpaceX and Tesla CEO has an impressive resume. For some, he is a hero; for others, he is the Bond villain. Over the years, Elon Musk became a celebrity, and his social media presence only sealed his popularity.
Bill Gates, the fourth richest person in the world, the philanthropist, and the founder of Microsoft, also has numerous achievements. The two billionaires often don't see eye to eye, as one of the recent interviews with Gates proves.
Bill Gates Does Not Invest In Crypto
During Reddit's AMA, Gates was asked about cryptocurrencies and bitcoin. Microsoft's co-founder said he does not own any, as he "like investing in things that have valuable output."
Later, he warned people that the crypto market is for people as wealthy as Elon Musk. Gates added that the crypto bubble could burst, and investment returns could diminish. These losses would not be anything to Musk, but they would undoubtedly hit the other 99 percent.
Gates warning got more serious, as he told Blumberg in 2021:
"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."
Soon after this interview, Elon Musk sent Bitcoin skyrocketing by changing his Twitter bio to #bitcoin.
The high-risk, high-reward cryptocurrency market changed over Elon Musk's influence. Had he said something negative, you would be in danger of losing a fortune.
Musk Proves His Power In One Tweet
The experts have not praised Elon Musk's tweets regarding the DOGE coin, Bitcoin, and SHIB.
William Quigley, the MD of Magnetic, told 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."
In February 2021, Musk tweeted, "Dogecoin is the people's crypto."
According to The Guardian, the value of cryptocurrency Dogecoin has soared by 5,859 percent, partly due to being mentioned by Musk in a single tweet.
Several months later, he did not even have to write anything. Musk simply put a broken-heart emoji, a couple discussing their break-up and #Bitcoin.
Needless to say, this tweet did not sit well with bitcoin.
The two billionaires disagreed regarding the Covid-19 pandemic and climate change, though Gates said that "underestimating Elon is not a good idea."
So, do you agree with Gates' assessment that " if you have less money than Elon, you should probably watch out?" Or do you believe Elon Musk is giving good advice on getting and staying rich?