The market is diverse, and what would be a strategic investment for one of the world’s richest men, for another, is just as important, a farce. It happens with crypto activities, among which Bitcoin stands out, which today has Bill Gates, founder of Microsoft, and Elon Musk, of SpaceX and Tesla, on two sides.
Not only did they talk about crypto-assets, just while there was talk of the “crypto winter”, which already seems like an endless storm that has caused millionaire losses not only to great fortunes like that of Binance CEO Changpeng Zhao, but to traders youngsters.
Billionaire Bill Gates has ruled out cryptocurrency projects, such as these Icons not replaceable, He called them “based on the dumbest theory,” thus reviving his earlier criticism of digital assets.
“Obviously, expensive digital photos of monkeys would make the world a lot better,” the Microsoft founder quipped while speaking at an event in Berkeley, California, hosted by TechCrunch.
Gates has criticized cryptocurrencies before, arguing with Elon Musk last year about whether bitcoin is too risky for retail investors and the environmental damage from coin mining.
For example, in an interview in February 2021, the Microsoft founder warned that he worried that people might go into “obsession” when they “don’t have that much money to spare”: “My general idea would be that if you had little money from Elon, (Mask), you should probably be careful.”
Also, during Ask Me Anything on Reddit earlier this month, He said he preferred to invest his money “in things that have a valuable result.”“The value of companies depends on how great products are made,” Gates wrote.
“The value of cryptocurrencies is just what someone else decides that someone else is going to pay for, so it doesn’t add to society like other investments,” he explained.
Musk, for his part, has been an advocate of this type of investment, and in fact, Tesla is the second largest company with the most bitcoins in the world, already with 43,200 bitcoins on its balance sheets, trailed only by MicroStrategy which has in its strength 129,218 bitcoins, according to For Statista Digital Economy Compass 2022.
The spreads created by crypto assets in the past two years are gradually eroding their impact; In March 2020, the value of Bitcoin was valued at around $5,000 and by November 2021 it was above $64,000, when it reached the ceiling of its market value and began a severe crash.
And after the currency collapse, Musk not only had to take his losses, but now faces legal troubles.
The billionaire and his company SpaceX and Tesla were sued last Friday by an investor demanding $258 billion to repair damages they received after falling victim to a pyramid scheme to support the Dogecoin cryptocurrency.
US citizen Keith Johnson filed the lawsuit after feeling defrauded by the billionaire and his companies, which in his opinion constitutes an illegal organized crime company to inflate the price of Dogecoin.
The thing is that since Musk started promoting the virtual currency, hosting it at Tesla and naming one of his Dogecoin satellites at SpaceX, investors have lost about $86 billion, Johnson estimates. Musk would like to reimburse them for that amount, in addition to paying twice that amount in compensation: about $172 billion.
“The defendants were aware as early as 2019 that Dogecoin was worthless and yet promoted for profit … Musk used his base as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and fun,” the lawsuit says.
In a matter of months, it will be known if demand has boomed, and whether Musk’s fortune has grown on top of the crypto assets few are betting on today.