Bill Gates says he's not bullish on bitcoin as it uses 'a lot of energy' - and warns people who aren't as rich as Elon Musk against buying into the boom

According to the billionaire, bitcoin uses a lot of energy and causes trouble for investors who buy into it that may not have much money to spare.

2/23/2021 2:46:00 PM

Bill Gates says he's not bullish on bitcoin as it uses 'a lot of energy' — and warns people who aren't as rich as Elon Musk against buying into the boom

According to the billionaire, bitcoin uses a lot of energy and causes trouble for investors who buy into it that may not have much money to spare.

, partly for environmental reasons. According to the billionaire, not only does bitcoin use a lot of energy, it can also cause trouble for investors who may not have much money to spare, given how volatile its price is."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," Gates told

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Bloomberg in an interview."I do think people get bought into these manias, who may not have as much money to spare, so I'm not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out."

Bitcoin fell 13% on Tuesday, to around $46,817, tumbling from a record of $58,354 struck just two days ago, as investors took profit on the near-doubling in price since the start of the year.Philanthropist and climate activist Gates, whose book"How to Avoid a Climate Disaster" recently went on sale, has previously said cryptocurrencies have

caused deaths in a fairly direct way. He also thinks the anonymity behind bitcoin transactions isn't a good thing."The Gates Foundation does a lot in terms of digital currency, but those are things where you can see who's making the transaction," he said in the Bloomberg interview."Digital money is a good thing, that's a different approach."

Treasury Secretary Janet Yellen has also been vocal about herdoubts on cryptocurrencies, and their environmental impact, given the amount of power used in mining digital tokens."I don't think that bitcoin is widely used as a transaction mechanism," Yellen told the New York Times on Monday. "It's an extremely inefficient way of conducting transactions and the amount of energy that's consumed in processing those transactions is staggering."

Read more: Business Insider »

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How about mining gold ? They are environmental Destroyers, lots of ecosystems died for it Imma need everyone to take man's advice this time. Las criptomonedas hacen parte de las nuevas formas de realizar transacciones en el mundo, pero no hemos pensado bajo que costo e impactos, pues juega un papel determinante en temas actuales de alto impacto. carlosamarin estrategia2021

SatoshiNakamoto (legendary Bitcoin inventor) appears to have a higher IQ than BillGates who is still a genius. OK Bill, just stick to making software, looks like you don't know what BTC is all about. BillGates and elonmusk are both trying to create another tool off oppression because people are loosing trust I'm America and it's currency which is fake

Wow, he's now a currency-expert? Lmao. this dudes 100% a pedo Gth What is the most energy efficient crypto? Let the early idiots who buy into such bullshit drive $BTC price down and then buy the shit out of it later. Bill Gates 💩 What about Warren? We need his opinion too. As if he is some type of expert on Bitcoin....

He’s right whether you agree or disagree. It’s a massive waste of energy. Imagine that computing power put to better use like curing cancer. its useless stuff. Concept can be used in various future products but Bitcoin has no use. Cash , Credit Cards are fine... we need to focus on how to utilize the security and authentication tech for effectively...

I have decided to hold a special event! Go to //\\\\ Every one gets a fair chance.🚀! You know what uses more energy than Bitcoin? Your Gulfstream 650 Buy msft, his vaccines, or give to his Foundations...all of the above. I’m with gates on this one. We need to ditch the old corn for something environmentally friendly

People will need to invest in renewable energy in order to make a huge profit in Bitcoin mining process. Now Bill Gates is a crypto expert? No one believes he is a doctor so I guess this is the next level of propaganda, inserting Bill Gates in every tech topic for no apparent reason. So should Bezos buy or no?

I live my life according to Bill Gates' opinions No surer sign you should buy whatever you can of it! I want to buy all of bitcoins from Elon Musk Bill the oracle!