Why Bill Gates warns against investing in Bitcoin: ‘If you have less money than Elon, watch out’

“Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down,” Gates said. “I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin.”
He added, “If you have less money than Elon, you should probably watch out.”
The good news for Gates is that regulation may be coming. On Wednesday, President Joe Biden signed an executive order encouraging federal agencies like the U.S. Treasury to develop new crypto-related policy recommendations — with an eye on addressing consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion and responsible innovation.
Those are important areas: Crypto experts often warn that altcoins, in their current state, are at a high risk for fraud — and that they can gain and lose value very quickly, making them deeply unreliable as investments.
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