It isn’t surprising that people want to know what Bill Gates has to say about Bitcoin .
However, the man who was among the first tech CEOs to recognize the promise of the internet is at best neutral on Bitcoin and at worst critical.
Back in 2018, Bill Gates told CNBC, “It’s kind of a pure ‘greater fool theory’ type of investment.” The idea here is that the only value Bitcoin has is if you’re able to sell it to someone else for more than you paid; it doesn’t do anything in and of itself.
“I don’t own Bitcoin, I’m not short Bitcoin, so I’ve taken a neutral view,” he said in an interview.
Digiconomist, a website that tracks the environmental impact of crypto, showed Bitcoin’s carbon footprint is about the same size as that of the Czech Republic.
“Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down.” he said.
He says the Gates Foundation used digital currencies to efficiently get money to those in need during the pandemic.
When you buy Bitcoin, you don’t know whether the coin — or fraction of a coin — you bought has been powered by renewable or coal-fired electricity.
That said, many other cryptocurrencies use a different model to validate transactions, so they don’t use anywhere near as much energy as Bitcoin.
It’s also true that billionaire investors like Elon Musk are less likely to be impacted by significant price drops.
If you don’t have an emergency fund to cover three to six months of living expenses, take the time to build one before you do anything else.
Ultimately, the decision to invest in crypto comes down to a mix of your personal financial situation and investment goals, your belief about how crypto might perform in the long term, and your tolerance for risk.
To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2022.
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