Bill Gates: Crypto Is Not for Most of Us

Crypto is not for most of us Bill Gates
Taniya Chamoli

The recent comments by Bill Gates dismissing cryptocurrencies have sparked controversy.

The recent crash in the cryptocurrency market has led to people questioning its authenticity and overall benefits in asset generation. In early 2021, a major crash occurred in the cryptocurrency market, wiping out at least a trillion US$ worth of assets affecting over 800,000 investors.

In addition to that, the founder and former CEO of Microsoft Bill Gates sparked another controversy by stating that he is not “rich enough” to invest in cryptocurrencies. This statement, coming from the world’s third-richest person, left everybody in awe. Bill Gates advised that anybody in this world who has less wealth than Elon Musk should refrain from investing in digital currencies. Gates said, “Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down. I do think people get bought into these manias who may not have as much money to spare. My general thought would be that if you have less money than Elon, you should probably watch out.”

This is not the first time that Gates has spoken skeptically about cryptocurrencies. He has openly expressed his doubts about investing in digital currencies across several interviews. Back in 2018, when cryptocurrency was in its early stages and people were anticipating how it would change the whole pace of transactions in the market, Bill Gates said, “[Crypto is an] extremely inefficient way of conducting transactions.” In another interview in the same year, Gates shared an incident where he was gifted a few bitcoins as a birthday present but he sold them soon after. This statement by Gates clearly expressed his trust issues with cryptocurrencies.

Fast forward to 2021, he declared in an interview that he doesn’t own bitcoins and doesn’t plan to. He shared, “I don’t own Bitcoin, I’m not shorting it, so I take a neutral view.”

Apart from the financial risk associated with bitcoins, Bill Gates also expressed his concern about the encouragement it could give to criminal activities. The activities might be hard to track because of the anonymity factor associated with digital transactions using cryptocurrencies. He stated, “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that. I probably should have said bioweapons. That’s a really bad thing.”

These statements by the third-richest man in the world and a well-known philanthropist have led people to doubt the legitimacy of cryptocurrency. They are questioning whether it is safe to invest in them, especially after the downfalls witnessed in the past year. However, it seems too soon to predict the entire future of cryptocurrency and it will be interesting to see if it is able to retain its place in the market.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Kanye West’s Biggest Losses of 2022

Kanye West’s Biggest Losses of 2022

Singer, rapper and chaotic personality Kanye West, a.k.a. Ye, has been all over the news and the place for the past few months. What’s more? Media personality Kim Kardashian is not all that he has lost. The famous rapper has also lost his billionaire status as his over-a-decade-long relationship with Adidas ended following his antisemitic (i.e. against the Jewish community) comments on social media. Now, he is worth US$400 million.

Top 5 Covert Signs of Sexual Harassment

Top 5 Covert Signs of Sexual Harassment

One of the gravest threats to a workplace is sexual harassment. Although commonly believed to be a situation only women go through, sexual harassment can be experienced by a person of any gender or sexual orientation. According to an analysis conducted by Gapjil 119, an organization that assists with workplace abuse, eight out of ten workplace harassment victims end up facing some form of retaliation from the aggressor, like getting turned down for a promotion or threatening their job.

Are You Being Quietly Fired?

Are You Being Quietly Fired?

In a previous article, we discussed how the modern workforce is expressing their discontent with their working conditions by quiet quitting. Quiet quitting means simply doing what is expected from employees instead of being emotionally invested in the jobs and going the extra mile for companies. Now, employers have taken a page from their employees’ books and begun using quiet firing to reduce the number of workers.

3 Inspirational Young Entrepreneurs Making a Difference

3 Inspirational Young Entrepreneurs Making a Difference

Entrepreneurship is not an age-specific venture. From Baby Toon by Cassidy Crowly to Minomynas by Hillary Yip, the rise of youth entrepreneurs has captured the world’s attention, showcasing the talent and creativity of our future leaders. According to a survey, about 60% of teenagers are interested in starting their own business instead of working a traditional job.

Reynold Poernomo on KOI, His Inspirations and Life after Masterchef

Reynold Poernomo on KOI, His Inspirations and Life after Masterchef

28-year-old Reynold Poernomo may have moved on from his MasterChef Australia days, but the world certainly will never forget the contestant who urged even the infamously austere Gordon Ramsay to soften and dub his dessert—White Noise—“breathtaking”. Watching Reynold on screen was akin to viewing a sporting event, where you are constantly rooting for him with foam fingers and pom poms because you marvel at his skill and aspire to have his courage and creativity.

Five Must-Have People Skills in the Workplace

Five Must-Have People Skills in the Workplace

As per McKinsey, by 2030, the need for finely tuned social and emotional skills will rapidly grow as the world’s adoption of new technologies, automation and artificial intelligence (AI) expands. While hard skills, like coding or accounting, are still in high demand, people skills are becoming increasingly important in the workplace. Employers are looking for empathetic, friendly workers who can interact effectively with others.