Bill Gates warns against investing in Bitcoin


Microsoft CEO Bill Gates, who is now the third richest man in the world, has said that bitcoins are not suitable for him

He talked about cryptocurrencies and Elon Musk, CEO of Tesla, a company that recently invested $ 1.5 billion in cryptocurrencies

During an interview with Bloomberg TV, Bill Gates said that Bitcoin is not for everyone and that only the richest person in the world should consider investing in these currencies

Specifically, Gates said that Elon Musk has "tons of money" so he is not worried that bitcoin might rise or fall randomly, adding that "if you have less money than Elon, you'd probably be wary"

"Bitcoin uses more electricity per transaction than any other method invented by humanity

" In addition to his views on cryptocurrency for investors, Gates stated in a Clubhouse conversation that this is also not "good for the environment"

The University of Cambridge Center for Alternative Finance (CCAF), which studies the business of cryptocurrencies, estimates that total Bitcoin energy consumption ranges between 40 and 445 terawatt hours (TWh) per year, with a central estimate of around 130 TWh

To understand it better, according to the BBC, the UK's electricity consumption is just over 300 terawatt hours per year, while Argentina uses roughly the same amount of energy as the CCAF's best estimate for bitcoin

Information like this led Gates to comment that "Bitcoin uses more electricity per transaction than any other method known to mankind"

This is not the first time that Bill Gates has criticized the cryptocurrency

In 2018 at Ask Me Anything on Reddit, the billionaire paid heavily for these cryptocurrencies to link to the drug market and people died after being asked what he thought of them

"Right now, cryptocurrencies are used to buy fentanyl and other drugs, so it's a rare technology that causes deaths completely directly"

Gates' warning isn't too misleading from an idea Elon Musk launched a few weeks ago when he said that people shouldn't invest their savings in cryptocurrencies

The Tesla leader believes that “there is a good chance that the cryptocurrency is the future currency” of the world but it is unknown and therefore, caution should be exercised

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