Microsoft founder Bill Gates is not a supporter of Bitcoin. The reason is due to environmental factors. The third richest person in the world also reminds investors of the dangers of Bitcoin.
According to Bill Gates Bitcoin is also responsible for environmental pollution. The reason is that this most popular cryptocurrency consumes a large amount of electricity every year, even matching Argentina’s electricity usage.
Bitcoin miners operate large numbers of computers 24 hours a week. Currently, many power plants use fossil fuels such as petroleum and coal to generate electricity. The burning of this fossil material produces carbon dioxide (CO2) which pollutes the environment.
Bill Gates: Highly Fluctuating Bitcoin Price
Bill Gates reminds investors of the dangers of Bitcoin from its extremely fluctuating prices. Investors can get rich overnight or fall into poverty overnight.
“Elon Musk has a lot of money and he’s very sophisticated, so I’m not worried about his Bitcoin fluctuating randomly,” said Bill Gates in an interview with Bloomberg News, and quoted by Business Insider, Wednesday (24/2/2021).
“I think of people who get carried away into this euphoria, who may not have a lot of money to spare. So I’m not a Bitcoin supporter. My thinking is, if you were less wealthy than Elon Musk, maybe you should be careful.”
Bill Gates revealed that digital currency is actually a good thing but not for cryptocurrencies that are generated by mining computers.
Last weekend, the price of Bitcoin touched an all-time high of US $ 58,000 per coin. However, two days later, the price dropped to around US $ 45,000. Currently Bitcoin price is at the level of US $ 50,000 per coin.
One of the triggers for the decision of Tesla Inc, Elon Musk’s electric car maker, to buy US $ 1.5 billion in Bitcoin. This figure is the equivalent of 7-8% of Tesla’s cash and cash equivalents. The company reasoned this step was to maximize the return on cash belonging to the company.
Quoting Bloomberg at the close of stock trading Tuesday (23/2/2021), Elon Musk’s wealth reached US $ 180 billion or the second richest person in the world. Jeff Bezos occupied the first rank.