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What do tech giants think about cryptocurrencies?

What do tech giants think about cryptocurrencies?

  • 13 March 2021
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Establisher of Microsoft Bill Gates recently talked about the disadvantages of cryptocurrency in an interview with the Wall Street Journal. He said the current way cryptocurrency works has made it possible to carry out a range of offender activities. I hope we get rid of it.

Bill Gates said he has no interest in cryptocurrencies. The tech billionaire’s comments show that he is not a fan of Bitcoin. He also believes that cryptocurrencies are susceptible to hacking and money laundering. He told CNBC, I do not have bitcoins. I have not taken a bitcoin short position either, so I have a neutral view of it.

He added: “but I think moving money more digitally and reducing transaction costs is good, as the Gates Foundation does in developing countries”.

Gates said: “Bitcoin can only go up and down based on the hype or perspective that people have, and I have no way of predicting how it will progress”.

Gates even said, “With bitcoin as an asset class, you do not generate anything, so you should not expect it to rise. This is an investment based on the “Greater Fool Theory.”

Tesla and BTC

Microsoft and BTC

How did the price of Bitcoin change by the Musk Comments?

Elon Musk, CEO of Tesla and SpaceX, has always been active on social media. He has once again attracted the attention of the cryptocurrency community by updating his Twitter account profile picture with a photo containing Bitcoin. Therefore, just like the previous times, the price of the cryptocurrency mentioned by Musk has faced a sharp increase and rapid price growth.

Elon Musk is known for posting interesting and somewhat controversial posts about various industries on Twitter. His latest topic of interest seems to be cryptocurrencies. He also briefly explained the reason for his action, “this is only for one day”. Subsequently, the Bitcoin price reacted immediately to this change in Twitter of Elon Musk.

While Bitcoin traded at around $ 54,800, it quickly reached its high of $ 56,000. As a result, with this $ 1,500 price increase, the BTC cryptocurrency market value achieved over $ 1 trillion in just a few minutes.

Elon Musk made a strange comment about Bitcoin before. He spoke more negatively about Bitcoin, calling it almost as nonsensical as Fiat. Musk also called the investment of Tesla in the BTC currency was an adventurous move by the company.

But with Tesla investing $ 1.5 billion in BTC in January this year, his view of the cryptocurrency as the owner of the company seems to be positive and bullish.

Microsoft and BTC

Tesla and BTC

What is the opinion of the CEO of Binance about the growth of cryptocurrency prices?

Changpeng Zhao, CEO of Binance Exchange, said the world was not ready for a flood of interest in the cryptocurrency market.

He spoke to Bloomberg Radio about the growing potential of bitcoin and the growing number of users that his exchange is facing. “The more institutions and companies like Tesla and MicroStrategy start investing in the BTC currency code, the more we will see a jump in the price of this cryptocurrency,” he said.

I think there are currently only 11 companies that have announced that they have invested in cryptocurrencies. Some of these companies have devoted only less than 1% of their treasury capital to buying bitcoins. But the important thing is that there are currently about 650,000 companies around the world. And the capital of this number of companies is a huge number.

If all these companies invest only 1% of their capital in buying bitcoins, we will probably see a 1000% increase in the price of this digital currency. If this capital allocation is more than 1%, this bitcoin price growth will be even greater. So I think people do not understand the magnitude of the wave coming to the crypto market.

4 responses to “What do tech giants think about cryptocurrencies?”

  1. Michal Gainer says:

    Hello, just wanted to mention, I enjoyed this post. It was funny.
    Keep on posting!

    • Saghar Arjandi says:

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  2. Herve Fodouop says:

    Good to know

  3. Yanga Jili says:

    Wisely said thou….Good one

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