It’s well known ; Bill Gates is not a big fan of cryptocurrencies. In a newly resurfaced interview with Bloomberg last year, Microsoft’s billionaire co-founder said he is wary of bitcoin, not least because of the effect on its price that a simple tweet from Elon Musk could have. .
“Elon has mountains of money and he’s very savvy, so I’m not worried about his Bitcoin going up or down randomly,” Bill Gates said. “I think people who get sucked into these fads might not have that much money to spend, which is why I’m not bullish on Bitcoin.”
“If you’re less wealthy than Elon, you should probably be careful,” he added. According to Forbes, Elon Musk’s fortune is over $300 billion, while Bill Gates’ is $134 billion.
However, Gates said the Bill and Melinda Gates Foundation “does a lot of things in terms of digital currency”, but only when “you are able to see who is doing the transaction.” He added that “digital currency is a good thing,” especially when it comes to funding poorer countries and getting “money to their citizens in a very, very efficient way.”
That said, things may change. In particular, US President Joe Biden has just signed an executive order encouraging federal agencies, such as the US Treasury, to develop new policy recommendations related to cryptocurrencies. This while keeping in mind consumer protection, financial stability, illicit activities, American competitiveness, financial inclusion and responsible innovation.
Institutional Investors Seem Optimistic About Bitcoin
So far, the institutional investment space for BTC looks positive after an extended period of outflows. CoinShares’ weekly inflow data for the past week suggests inflows worth $17 million for the digital asset; a figure in the green for the fifth consecutive week.
However, on the side of Bitcoin holders, several on-chain indicators remain bearish.
Likewise, many players in the sector have been betting on higher long-term price forecasts.
Mr. Gates’ dissatisfaction with the crypto asset also seems to emerge from the risk inherent in this asset class. Indeed, he has said in the past: “[Bitcoin] is found to promote anonymous transactions. These are not reversible transactions.”
We also know that Bill Gates is not the only skeptic. Another billionaire and Berkshire Hathaway Vice Chairman, Charlie Munger, for his part called crypto a “venereal disease”.
For his part, JP Morgan Chase CEO Jamie Dimon said that BTC has “no value”.
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