Elon Musk It is one of the great examples of tycoons in the technology sector who have bet everything on cryptocurrencies.
However, Bill Gatesin a new interview from February 2021, the billionaire Microsoft co-founder told Bloomberg Technology that I was wary of the Bitcoin frenzyparticularly as the value of the cryptocurrency could be affected by something as simple as a tweet from the CEO of Tesla.
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Elon Musk’s tweets and their weight in the value of Bitcoin
And this is very true. When Elon announced via Twitter this new way of importing, for an hour the price of the cryptocurrency fell by 20%.
“Elon has tons of money, and he’s very sophisticated, so I’m not worried about his Bitcoin randomly going up or down,” Gates said. “I do think that people get carried away with these manias that they may not have that much money to spare, so I’m not bullish on Bitcoin.”
He further added, “If you have less money than Elon, you should probably be careful.”
Musk, the world’s richest person, with a net worth of $233 billion, according to Forbes, is a notable fan of Bitcoin. But Gates said his tech billionaire colleague was merely an example of why daily use of Bitcoin puts him off.
Lack of regulation, another Gates concern
What worries him most is the lack of regulation of cryptocurrency. He highlighted two of the main risks associated with Bitcoin and other forms of cryptocurrencies: They are decentralized and can be highly volatile.
Gates has stated that “digital money is a good thing”, especially when it comes to financing the poorest countries and getting “the money to their citizens in a very, very efficient way”.
However, it seems that one of Gates’s problems could be solved. On Wednesday, the president Joe Biden signed an executive order encouraging federal agencies like the US Treasury to develop new policy recommendations related to cryptocurrencieswith an eye on consumer protection, financial stability and illicit activity.
What the Bitcoin Biden Act looks like and why it can blow up the price
Joe Biden, the president of the United States, last week signed a new regulatory framework for Bitcoin and cryptocurrencies.
In the context of a conference at the White House, Biden urged all government agencies to explore the deployment of a cryptocurrency owned by the Central Bank of the United States.
In addition, he requested to coordinate a national framework jointly with exchanges to promote the adoption of all digital assets.
On the other hand, according to reports, Biden was going to make this announcement at the beginning of February, however, the Russian invasion of Ukraine interrupted the president’s agenda and he had to postpone the announcement.
Read the full note at this link.