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March 1, 2021 08:34 am

Bill Gates, Elon Musk Both Warn 'Don't Go Too Far with Crypto Speculation'

From a report: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... 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. Last week Australia's national broadcast reported that even Elon Musk "has made it clear that he views cryptocurrency as 'speculation.'"On February 7 (the night before Tesla revealed its massive bet on crypto), Mr Musk was on his way to have dinner with his children at an upmarket steakhouse in West Hollywood. Before he reached its front door, he was intercepted by a legion of adoring fans — who demanded autographs, while peppering him with questions about the cryptocurrency market. The world's richest man had been talking up bitcoin, along with a "joke" currency called "dogecoin", which has surged about 900 per cent since the year began. There were signs that Mr Musk was worried that some of his fans might be taking his recent crypto jokes as genuine investment advice. "People should not invest their life savings in cryptocurrency, to be clear — that's unwise," Mr Musk said, in his clearest warning yet. "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." Later in the video Musk adds, "Don't bet the farm on crypto."

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