Updated April 21st, 2021 at 20:24 IST
Bill Gates 'betting on total collapse of Bitcoin' as cryptocurrency slumps: Analysts
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.
In a video titled ‘Bill Gates: The Bitcoin Panic of 2021’, stock market analysis YouTube channel MHFIN claimed, “Gates has been talking about the cryptocurrency for quite a while...It’s pretty obvious he’s not a fan. But why is he still pessimistic about the cryptocurrency and why is he betting on a total collapse?”
Bill Gates and cryptocurrency
The video dates back to former Microsoft CEO’s remarks in 2013 when he called the cryptocurrency “tour de force” and an “area where governments are going to maintain a dominant role.” the analysis then fast-forwarded to another interview of gates in 2021 where his opinion on Bitcoins changed entirely. 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.”
On April 13, the price of Bitcoin hit a record high of $ 64,000. A day before, Bitcoin had broken its previous record of an all-time high. But it fell by more than 9% on Sunday and has now dropped to over 15%, as per the data by CoinDesk. Several other cryptocurrencies also plunged with Ether, the second-largest dropping over 10% to $2,145.
Image credits: AP/Unsplash
Published April 21st, 2021 at 20:24 IST