Microsoft (NASDAQ:MSFT) founder, Bill Gates has issued a stern warning about Elon Musk to the world. He says people should think twice before betting on the value of digital assets like bitcoin (BTC).
Musk is well-known for his support of cryptocurrencies. The CEO of Tesla Inc (NASDAQ:TSLA) and SpaceX has praised bitcoin on more than one occasion and has even called its structure “quite brilliant”. Tesla’s $1.5 billion bitcoin bet early last year, which at the time was a significant investment percentage-wise of the co.’s cash in the investment, is one of many positive Musk messages that have encouraged more people to get involved with the cryptoverse.
As someone with a large following on social media, Musk’s tweets on the topic can move the markets for various cryptocurrencies.
Gates believes Musk can afford to gamble with crypto because of the high net-worth he already has. The entrepreneur’s estimated net worth surged to over $300 billion at the beginning of this year.
Gates’warning is more for the people who might want to get rich by investing in cryptocurrency but don’t have as much money as Musk does, which is literally everyone else in the world.
Speaking recently to Bloomberg Technology, Gates was asked about the potential for Musk to make more money in a year investing in bitcoin than what Tesla makes from selling electric cars.
He replied: “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.”