Microsoft co-founder and former CEO Bill Gates is “betting on the total collapse” of Bitcoin, believe analysts as cryptocurrency plunged 15% over the weekend.
Microsoft co-founder Bill Gates is ‘betting on the total collapse’ of Bitcoin, analysts believe as cryptocurrency plunged 15% over the weekend, reported Express. The dip in the value of Bitcoin came after a record high of over $64,000 on April 14 following the stock market debut of America’s largest exchange for the tokens, Coinbase Global Inc.
Even though the prices remained steady after that, the value is reportedly still down by nearly 12% from last week. Reportedly, Gates believes that things will continue to get only worse with passing time.
however, in an interview of gates in 2021 where his opinion on Bitcoins changed entirely. But he is not hater of Bitcoin according to him. He said, ‘I don’t own Bitcoin, I’m not shorting it, so I take a neutral view…Moving money into a digital form and getting transaction costs down is something the Gates Foundation does in developing countries.’
He added, ‘But there we do it so you can reverse transactions, so you have total visibility of who’s doing what…But Bitcoin can go up and down just based on mania. You don’t have a way of predicting how it will progress.’ However, the video then added that Gates’ remarks imply that he is ‘clear in his mind’ that Bitcoin is a ‘bubble which will burst
though after this interview, crypto suffering great setback. Even to retain it previous price is a problem.