The eternal Bitcoin debate: Musk vs Gates, should you buy or should you not?
Are you Musk? Buy Bitcoin. Are you on top of the world’s richest? Buy Bitcoin. Are you none of the two? You shouldn’t be buying Bitcoin. Gate’s advice is as simple as that and does nothing to reconcile the Bitcoin debate.
The digital coin increased by 400% over the past year and it has left everybody wanting to invest in it. Musk’s Tesla Inc. recently bought $1.5 billion worth of the cryptocurrency and plans to accept it as payment. The multi-billionaire has been a vocal supporter of the cryptocurrency with his latest tweets causing changes in the asset’s prices. Bitcoin’s price surged due to Tesla’s investment, before dropping down by 13% following Musk’s tweet saying that cryptocurrencies “do seem high.”
Gates is not bullish on Bitcoin and does not view it as a mainstream option that small businesses should invest in. “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” Gates said in a television interview and continued, “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.”
Warren Buffett and Treasury Secretary Janet Yellen are not crypto supporters, either. Buffett considers the digital assets valueless while Yellen considers Bitcoin’s technology of conducting transactions inefficient.
Bitcoin and cryptocurrencies seem to be gaining ground, though. More and more companies such as Paypal, Visa and MasterCard started accepting Bitcoin, world-renowned investment companies started letting investors add crypto to their portfolios and central banks around the globe started studying ways to digitalize their currencies.
With such opposing views where could the price of Bitcoin go to next? Stay up to date with the markets, watch for any news that can affect the price of Bitcoin and make the most of trading the digital coin with Traders Trust.
