February 23, 2021
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Microsoft founder Bill Gates has issued a warning to would-be Bitcoin (BTC) buyers looking to follow Elon Musk’s investment strategy. Speaking to Bloomberg’s Emily Chang, Gates suggested Musk had access to sophisticated trade management techniques that the average investor isn’t privy to.
When asked about the susceptibility of Bitcoin to tumble in price in reaction to a mere tweet (undoubtedly a reference to Elon Musk’s own social media posts), Gates said Elon Musk was probably insulated from such market crashes:
“Elon has tons of money and he’s very sophisticated so, you know, I don’t worry that his Bitcoin would randomly go up or down.”
On Feb. 23, little over two weeks since Tesla’s $1.5 billion acquisition of Bitcoin was announced, the price of Bitcoin fell 20% — from $58,258 to $46,624. At the same time, almost $400 billion was wiped off the global market cryptocurrency market cap.
Interestingly enough, the crash occurred just hours after Musk himself expressed the opinion that the then-current prices of Bitcoin and Ether (ETH) were “high”. Whether this was a criticism, or an attempt to deflect heat from a possible investigation into Musk’s influence on crypto prices, the entire market plunged in the aftermath.