Elon Musk is a familiar name associated with power and money who is at present the richest person in the world. Musk is approximately worth $267 billion and has huge influence on how the cryptocurrency market behaves.
All it took for bitcoin was just one tweet and the value of that other other cryptocurrencies soar.
However, Bill Gates now warns about Musk and crypto currency.
He spoke about the cryptocurrency market and how precarious it is for anyone who doesn’t have as much money as Musk has. Nobody else has Tesla’s owner’s wealth. Further, Gates warns people might end up with zero if the crypto bubble bursts which won’t affect Musk.
In February 2021, Gates also spoke about Musk telling Bloomberg: “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down. I do think people get brought into these manias who may not have as much money to spare so I’m not bullish on Bitcoin. My thought would be if you have less money than Elon, watch out.”
In January 2021, Musk changed his Twitter bio to #bitcoin which skyrocketed the crypto currency. In case he decides to slam Bitcoin, the stock is likely to fall very fast since cryptocurrencies don’t have a fixed exchange rate.
One other person shares Gates’ thoughts, William Quigley, the MD of Magnetic, recently informed CNN: “Please don’t pay attention to what Elon Musk says about crypto because he is simply not an expert. I think for him it was more of a joke, but a lot of people, unfortunately, follow what he says. Maybe when it comes to energy-efficient cars look at what he does, but ignore anything he says about bitcoin and crypto in general.”
This came as an answer to Musk’s tweets about DOGE coin, Bitcoin, and SHIB.
Apparently the value of Dogecoin went up by 5,859 percent when mentioned by Musk on social media.
The Tesla and SpaceX titan’s power is so huge that it only takes a single tweet for him to demonstrate it.
Gates and Musk have demonstrated different opinions about same issues in the past, including the coronavirus pandemic. In September 2020, during a podcast interview with The New York Times in September 2020, Musk defended his role in coronavirus relief efforts. “Gates said something about me not knowing what I Musk said. “It’s like, ‘Hey, knucklehead, we actually make the vaccine machines for CureVac, that company you’re invested in.’”
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