Speaking to Bloomberg TV, Microsoft’s (NASDAQ: MSFT) founder has issued an interesting view on who should invest in Bitcoin days after Tesla CEO Elon Musk contributed to the asset’s $58,300 new all-time high. The philanthropist believes you should only opt for Bitcoin if you are the world’s richest man with tons of money like Musk. Gates warned that you should only invest in a digital assets if you have more money to spare. Gates maintains that he has not invested in Bitcoin due to the asset’s speculative nature. He notes that his money is in companies that produce products.
Tesla’s contribution to Bitcoin rally
Musk, a big proponent of cryptocurrencies, contributed to the Bitcoin rally stating it will soon be accepted as a payment form. Alongside promotional tweets, Musk’s input saw Bitcoin surge by at least 76% in February, hitting the new all-time high, before plunging by about 13%. By the time of writing, Bitcoin was trading at $47,304, according to data provided by Finviz.com. Both Gates and Musk, as the world’s wealthy people, their opinion on cryptocurrencies play a key role in the sector’s prospects. Currently, Musk is ranked as the second richest person globally with a net worth of $161.5 billion. Elsewhere, Gates lies fourth at $123.2 billion according to the Forbes billionaires index.
Musk’s Bitcoin warning
Although Gates wants the wealthiest people to invest in Bitcoin, Musk has advised against putting all life money into the asset. The Tesla CEO notes that: Despite Gates remaining skeptical about Bitcoin, most institutions like MicroStrategy and PayPal have shown support for the digital currency. Cryptocurrency proponents believe such major steps are laying the perfect foundation for mainstream adoption, and making short bets on Bitcoin now isn’t a wise strategy. Watch full interview here:
