The third-richest man issued a warning to people who may be looking to invest in the crypto currency, while explaining he is not “bullish” on it. M
The third-richest man issued a warning to people who may be looking to invest in the crypto currency, while explaining he is not “bullish” on it. Mr Gates, who founded Microsoft in 1975, has been vocal about environmental issues, something he also cited as a reason why he is not very keen on bitcoin.
Speaking to Bloomberg, the tech magnate said: “Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down.
“I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.”
Asked why he was not bullish on Bitcoin, Mr Gates explained there was also an environmental factor to the use of the digital currency.
He said: “ Look, there are things we invest in in society that produce output.
“Bitcoin happens to use a lot of energy. It happens to promote anonymous transactions. They’re not reversible transactions.”
Mr Gates’ stance on the subject contrasts with that of the Tesla boss, whose company bought more than £1billion ($1.5billion) worth of bitcoin (BTC).
The move caused the flagship cryptocurrency to spike to past the £32,022 ($44,000) on February 8, a record-high figure at the time.
According to a Tesla stock market filing, the electric car company has diversified its investments policy by expanding into the cryptocurrency market.