Billionaire Bill Gates: If You Have Less Money Than Elon Musk, Be Careful With Bitcoin

 A lot of celebrities, including tech giants, have entered the Bitcoin market. However, among these are not billionaire Bill Gates, former CEO of Microsoft, according to CNBC.

In an interview last February, the billionaire Microsoft co-founder told Bloomberg Technology that he is wary of the Bitcoin frenzy, especially since the value of the cryptocurrency can be affected by one thing. something as simple as a tweet from Tesla CEO Elon Musk.

“Elon Musk has a lot of money and he is very knowledgeable, so I am not worried that his Bitcoin will increase or decrease randomly,” billionaire Bill Gates shared. He is concerned that people are being driven madly into people like Elon Musk, especially those who are not so financially well off.

"If you have less money than Elon Musk, you should probably take precautions," the 66-year-old billionaire shared. Tesla CEO Elon Musk is the richest person in the world, with a net worth of $233 billion, according to Forbes. He is a particular Bitcoin fan. On Wednesday, he also tweeted about the cryptocurrency.

However, the former Microsoft CEO said that Elon Musk is just a prime example that explains why he doesn't use Bitcoin every day.

Talking more about the reason, billionaire Bill Gates shared that he is mainly concerned about the lack of regulations around cryptocurrencies. He highlighted two of the main risks associated with Bitcoin and other cryptocurrencies: They are decentralized and can be volatile.

“Bitcoin was born to promote anonymous transactions. They are not revertable transactions,” he stressed.

Bill Gates said that the Bill and Melinda Gates Foundation really “does a lot with digital money,” but only if “you can see with your own eyes who is doing the transaction.”

Besides that, he also admitted that “cryptocurrency is a good thing”, especially when it comes to funding poorer countries and “transferring money to their citizens in a very, very efficient way.” ".

The good news for Bill Gates is that new crypto regulation is likely to be introduced. On Wednesday, President Joe Biden signed an executive order encouraging federal agencies like the US Treasury Department to develop new crypto-related policy recommendations that address consumer protection. , financial stability, illegal activity, American competitiveness, financial inclusion and responsible innovation.

Those are important areas: Cryptocurrency experts often warn that altcoins (only cryptocurrencies other than Bitcoin), in their current state, pose a high risk of fraud. They can rise, but can also depreciate very quickly, making altcoins as unreliable as other investments.

“You have to be very careful about how much you allocate and understand your tolerance for loss,” Douglas Boneparth, a financial planner and president of Bone Fide Wealth, told CNBC Make It. Because if 80% of your net worth is tied to Bitcoin and it drops 30%, that would be horrible.”

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