Bill Gates makes a bold statement on Web3
TL;DR Breakdown
• Bill Gates believes that Elon Musk lacks the discipline and good sense of what to do with his money.
• Gates expressed little faith in crypto investments.
Bill Gates recently gave an update on his thoughts about crypto and crypto investments. Gates opened Pandora’s box when he said crypto trading was like a smoke canister fueled by entrepreneurs who are not dependent on their profits.
It is common knowledge that Elon Musk, CEO of Tesla, often shares his opinions about crypto trading. His opinions have also affected crypto prices and the general market on multiple occasions. Musk’s involvement in the space and his affinity for Dogecoin earned him the moniker – the Dogefather.
Bill Gates discusses Elon Musk
In a recent interview with a Bloomberg journalist, Bill Gates talked about Elon Musk and his affinity for crypto investments.
Gates believes that Elon Musk’s love affair with Bitcoin and other cryptocurrencies is because of his enormous wealth and almost infinite disposable income that he does not mind losing to these investments. Gates brands Elon Musk as a compulsive businessman who lacks the knowledge and discipline to manage his wealth. The billionaire advises people with less economic buffer than Musk to be cautious with cryptos.
Musk and his crypto attraction
Bill Gates’ criticisms are based on several tweets from Elon Musk about crypto investments. During the third quarter of 2021, Musk was asked about his sentiments on cryptocurrencies, and he revealed that he has his money staked on Dogecoin to flip the leading cryptos, Bitcoin and Ether.
Musk recently told the world that Tesla, the electric vehicle company, would accept payments in DOGE, which is his favorite cryptocurrency.
According to reports, Musk’s investments makes him one of the richest men in the world. Musk received about $25M in 2021 after Hertz announced plans to buy 100000 units of his electric cars. Musk has about $229 billion in assets, but the figure could be even higher after the latest reports about his investments in Tesla and SpaceX.
Musk’s speculations have seen Dogecoin rise from 100th position to crack the top 10 list of cryptocurrencies by market capitalization. Musk also advocated for Bitcoin for a while, helping it to rally to an ATH. He also caused the market to nosedive when he announced that Tesla would no longer accept crypto payments.
So far, Elon Musk has not responded to Bill Gates’ interview. However, we expect his response to be via his very active Twitter account when he does.
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