BILL Gates has issued a stark warning to Elon Musk fans about the dangers posed when investing in cryptocurrencies.
In an interview, the 66-year-old founder of Microsoft said that the crypto market is a big risk for anyone with less cash than Musk.
That’s just about everyone when you consider that SpaceX and the Tesla CEO are the richest people in the world and are worth an estimated $229 billion.
To speak to Bloomberg In February 2021, Gates was asked about the potential for Musk to make more money in a year from his Bitcoin investments than from selling Tesla electric cars.
Musk has been a strong supporter of cryptocurrencies for many years, sometimes causing drastic swings in their value.
In October of last year, Musk admitted to owning an unknown amount of Bitcoin and Etherium – two of the largest cryptocurrencies in the world.
Gates says that crypto investments are less risky for wealthy people like Musk because they have huge cash reserves should the value of their purchases plummet.
He said: “Elon has tons of money and he is very knowledgeable so I am not worried that his Bitcoin will increase or decrease randomly.
“I think people are drawn to these lunatics who may not have a lot of money to spare, so I am not bullish on Bitcoin.
“My thinking is if you have less money than Elon, watch out.”
Musk’s ability to increase or increase the value of cryptocurrencies with a single tweet has baffled investors for years.
In February 2021, the billionaire tweeted “Doge” referring to a cryptocurrency based on a popular internet meme.
He later tweeted, “Dogecoin is everyone’s cryptocurrency.” Dogecoin is up over 60%.
In June of that year, Bitcoin fell 7% after Musk tweeted “#Bitcoin,” a broken heart emoji and an image of a couple discussing a breakup.
He also sent prices skyrocketing with Twitter posts in which he said that Telsa would accept Bitcoin and Dogecoin payments.
CNN reports that Tesla holds $2 billion worth of Bitcoin after an initial $1.5 billion investment in the cryptocurrency last year.
Cryptocurrency investors have begged the father of seven to stop tweeting about cryptocurrencies and urged fans not to follow his advice.
The tweets, branded as irresponsible by experts, have made some followers rich while causing others to squander huge amounts of cash.
“Please don’t pay attention to what Elon Musk says about cryptocurrencies because he’s simply not an expert,” said William Quigley, CEO of Magnetic, a crypto investment firm, told CNN last year.
Referring to the tweets Musk had made about Dogecoin at the time, he added: “I think to him it was like a joke, but a lot of people, unfortunately, followed suit. what he said.
“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 other news, the mystery surrounding why the prehistoric British built Stonehenge has finally been solved after research confirmed that the monument served as a ancient solar calendar.
In other news, the iPhone’s virtual assistant Siri will have a new feature, voice “sexist”.
An English woman was tell of her horror after scammers used photos of a “silver fox” politician to defraud her of £80,000.
And, Norfolk . County Council suing Apple about what it says is misinformation about iPhone sales.
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https://www.thesun.ie/tech/8473284/bill-gates-warning-elon-musk-watch-out/ Bill Gates issues a big warning to Elon Musk – and urges people to ‘watch out’