BITCOINS

Should you invest in Bitcoins? Bill Gates says yes but only if you are Elon Musk

BITCOIN

Microsoft CEO Bill Gates has an interesting take on who should buy Bitcoins. He being the third richest man in the world said that Bitcoins are not for him because he has less money than Tesla CEO Elon Musk. So basically anybody who has less money than Musk should not invest in Bitcoin. Musk has been very vocal about his passion for Bitcoin. His company Tesla recently invested $1.5 billion in cryptocurrency.

Gates during an interview with Bloomberg TV had said that Bitcoin is not for everyone and only the richest person in the world should consider investing in it.

"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,” Gates said in the interview.

Bitcoin’s value doubled after Tesla purchased $1.5bn of the currency and accepted it as a mode of payment. Musk soon after his company made an investment called Bitcoin a less dumb form of liquidity than cash.

Tesla's 10-K report confirmed with the United States Securities and Exchange Commission (SEC) that Tesla has invested $1.5 billion in the Bitcoin cryptocurrency. "We invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt," the company said in the report. However, Musk had warned users to not spend all their life savings on cryptocurrency in a separate video.

While Gates only wants rich people like Musk to invest in Bitcoin, the latter advised people to not invest their life savings in cryptocurrency. "People should not invest their life savings in cryptocurrency, to be clear -- that's unwise," Musk said. "There's a good chance that crypto is the future currency of Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front," Musk added.