When you look at Elon Musk’s accomplishments, it’s hard not to be impressed. Musk is at the helm of SpaceX, Tesla and is currently the world’s richest person, with an approximate net worth of $267 billion.
But let’s not forget, he also has a solid social media presence – and that presence has a lot of influence. Just last year, Musk put out just a few pro-crypto currency tweets that caused Bitcoin to soar. However, Bill Gates has a warning about Elon and crypto, and he wants people to listen.
In a recently resurfaced interview, the philanthropist and founder of Microsoft warned that the cryptocurrency market is precarious for anyone with less money than Musk, which, as you know, is almost everyone.
Gates says that the crypto bubble may burst and that investment returns could dwindle. These are losses that Elon could easily absorb.
Bill Gates Was A Prophet When It Came To Elon Musk- Yet The World Didn’t Listen
Speaking to Bloomberg in February 2021, Bill Gates stated, “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.”
Ironically, probably 99% of the world has lesser wealth than Elon Musk, but people have been investing in cryptocurrencies, NFTs, and the metaverse without considering the other side of the coin.
One can quickly see how Bill Gates’ words seem prophetic. In January 2021, one month before the Gates interview, Elon Musk sent Bitcoin skyrocketing. And how did he do that?
Simply by changing his Twitter bio to #bitcoin. Now, you need to imagine the scenario to fully comprehend how dangerous Elon can be. A single individual has the power to shift the direction of a cryptocurrency.
If you had invested in Bitcoin, and Musk shared a couple of tweets where he slammed the cryptocurrency, your stocks would fall fast. Since cryptocurrencies don’t have a fixed exchange rate, it is very easy to lose all in a high-risk, high-reward goose chase.
Elon Musk and Cryptocurrency
Elon Musk’s tweets regarding DOGE coin, Bitcoin, and SHIB have not been received well by experts. William Quigley, the MD of Magnetic, recently informed CNN,
“Please don’t pay attention to what Elon Musk says about crypto because he is simply not an expert. I think for him it was more of a joke, but a lot of people, unfortunately, follow what he says. Maybe when it comes to energy-efficient cars look at what he does, but ignore anything he says about bitcoin and crypto in general.”
How can one forget February 2021, when the billionaire referenced Dogecoin in a tweet and sent its market valuation reeling. “Dogecoin is the people’s crypto.”
After this tweet, the crypto surged by 60%- despite it actually not being ‘people’s crypto”. In June, Bitcoin met the opposite when Musk put up a tweet- which didn’t have a sentence- in it. All it had was the picture of a broken-heart emoji, a couple discussing their break-up, and #Bitcoin.
So now the question is, with so much power behind a simple Tweet, is there an ethical concern?