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A slew of celebrities and tech titans have jumped aboard the Bitcoin bandwagon. Bill Gates is not one of them.
In a rediscovered interview from February 2021, the millionaire Microsoft co-founder told Bloomberg Technology that he was apprehensive of the Bitcoin frenzy, especially because the cryptocurrency's value might be impacted by anything as easy as a tweet from Tesla CEO Elon Musk.
"Elon has a lot of money, and he's very sophisticated, so I don't worry about his Bitcoin going up and down at random," Gates added. "I do believe that folks who don't have as much money to spare get drawn into these manias, therefore I'm not bullish on Bitcoin."
"If you have less money than Elon, you should probably be careful," he continued.
Musk – the world's richest person, according to Forbes, with a net worth of $233 billion — is a big lover of Bitcoin, tweeting about it as recently as Wednesday morning. Gates, on the other hand, stated that his fellow tech billionaire was only an illustration of why he is turned off by regular Bitcoin use.
Specifically, Gates stated that he is concerned about the cryptocurrency's lack of regulation. He emphasized two of the most significant hazards linked with Bitcoin and other kinds of cryptocurrency: They are decentralized and can be extremely volatile.
′′[Bitcoin] happens to encourage anonymous transactions," Gates explained. "It's not a reversible transaction."
The Bill and Melinda Gates Foundation "does a lot in terms of digital currency," according to Gates, but only when "you can see who is doing the transaction." He stated that "digital money is a positive thing," particularly for funding impoverished countries and getting "money out to their populace very, very efficiently."
The good news for Gates is that regulation could be on the way. President Joe Biden signed an executive order on Wednesday encouraging federal agencies such as the US Treasury to develop new crypto-related policy recommendations aimed at addressing consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation.
These are critical areas: Crypto specialists frequently warn that altcoins, in their current condition, are vulnerable to fraud — and that their value can fluctuate dramatically, making them untrustworthy as investments.
"Be extremely careful about how much you designate and understanding what you can handle," Douglas Boneparth, owner of Bone Fide Wealth and a licensed financial adviser, told CNBC Make It last year. "Because if bitcoin accounts for 80% of your net worth and it drops 30%, that's a big deal."
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