If you’re not Elon Musk don’t buy Bitcoin, says Bill Gates

Bill Gates has said that if you have less money than Elon Musk, the world’s richest man, you should “probably watch out” when it comes to Bitcoin.

Gates, who is the world’s third richest man, told Bloomberg: “Elon has tonnes of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down.”

In a live chat on Clubhouse, Gates told host Andrew Sorkin he preferred to invest in companies that “make products,” like malaria and measles vaccines.

Earlier this month Musk’s electric vehicle manufacturer Tesla announced an investment of $1.5 billion in bitcoin, which at the time pushed the cryptocurrency's price up by 17 per cent to $44,220.

The company said that the prices of digital assets have in the past been, and may continue to be, “highly volatile”.

“Moreover, their lack of a physical form, their reliance on technology for their creation, existence and transactional validation and their decentralisation may subject their integrity to the threat of malicious attacks and technological obsolescence,” the company said in its annual report. “If we hold digital assets and their values decrease relative to our purchase prices, our financial condition may be harmed.”

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