Bill Gates has been recently found betting on the entire collapse of BTC. After recording significant gains, the price of Bitcoin and many other altcoins have plunged over the last week. After Coinbase, a digital assets exchange in the US, went public, Bitcoin went up, achieving a new all-time High (ATH) by crossing $64k. Since then, many are observed dumping the crypto market. On Friday, President Joe Biden proposed raising taxes of wealthy investors, which also showed a sharp fall in prices in the crypto market.
Bill Gates remained pessimistic about Bitcoin
Recently a Youtube channel, MHFIN, shared a video based on Bill’s opinion with the title “Bill Gates: The Bitcoin Panic of 2021”. The video claimed that the Chief Executive Officer of Microsoft was discussing Bitcoin and other altcoins for quite a while.
In 2013, Bill claimed that cryptocurrency is a “tour de force” and an area where the government is going to maintain a dominant role. In a recent interview, the CEO kept his opinion on Bitcoins changed reality. Gates stated that he doesn’t own BTC, and he is not shortlisting it, so he takes a neutral view. He also mentioned that moving funds into a digital form and shortlisting transaction costs is what its foundation does in developing countries.
According to Bill Gates, where they are managing the money, they can reverse transactions, but Bitcoin can go up and down depending on mania. According to the video following Bill’s remarks, it seems like he is clear in his mind that Bitcoin is a bubble that will burst.
Is Bitcoin really a bubble that can burst?
Bitcoin was created by Satoshi Nakamoto in 2009, who then hid himself in the dark. At the time, the price of Bitcoin was $1, which was considered too expensive by many. Since then, the price began to surge and achieved the price level of $100 that was also considered as too expensive. Then $500, $1000, $10,000, the price remained to surge, and today the coin is trading near the level of $50k. Following the asset’s price trend, it is clear that the coin has never disappointed the investors who believed. Still, people calling it a bubble seems they do not understand the idea behind the same.
