2021 has seen the cryptocurrency market gain more traction than ever. However, some still believe it’s a waste of space. BiC weighs up two of the world’s richest men, and their opinions towards crypto.
While the cryptocurrency market surges to new highs, it’s gaining attention from all sorts of people. Adoption is spreading faster than ever with millennials, toddlers, and even old businessmen now acknowledging the digital asset class as being beneficial to the financial ecosystem.
The cryptocurrency market cap has reached a new high of just under $1.7 trillion. Bitcoin alone accounts for $1 trillion in market cap.
Ethereum and Bitcoin have both recently hit all-time highs, and many altcoins are doing the same thing. Binance exchange’s native token, BNB, has soared to record highs. In the space of one week, it vaulted to third by market cap.
So while the cryptocurrency markets are gaining traction across the world, what do some of the richest men in the world think of the industry?
Touted as being one of the main reasons for the DogeCoin pump that saw the meme token rocket over 800%, Musk has established himself within the industry as being a major influencer.
Most recently, Musks’ Tesla purchased $1.5 billion worth of Bitcoin as a hedge against fiat currency and as a store of value.
The backing by the World’s richest man has most certainly added fuel to the fire that is this bull market. The surge in Bitcoin pricing right after the Tesla announcement alone is proof.
Musk has also tweeted over a dozen times about DogeCoin after garnering the title as CEO of DogeCoin. However, Musk recently tweeted about his position on the market following the surge in popularity related to cryptocurrencies.
Musk stated that “Bitcoin is almost as bs as fiat money” stating that the keyword is “almost”.
Musk also admits that Tesla’s decision to purchase Bitcoin is not a direct reflection of his own opinion. He specifies that, “having some Bitcoin which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
It is clear that Musk may not be an actual investor in cryptocurrencies. And while recently stating that there will definitely be a MARS Coin one day, it’s evident that Musk has simply lost faith in the current financial system.
A hedge into Bitcoin was a brave move for Tesla that has paid off, though. The company will be sitting pretty knowing their investment has already climbed over 45% in less than a month.
Bill Gates is best known for being the creator of Microsoft, and holding the title of the world’s richest man for a long period of time. However, times are changing and it appears they are changing without the 65 year-old.
Gates now focuses on philanthropic work related to many different causes. The desire to continue building and growing businesses is not something he focuses on much.
The retired billionaire has previously stated that digital assets are not something he is a huge fan of. Gates brought up a common issue that has been spoken about when discussing cryptocurrencies – criminal activities. When asked about his opinion on cryptocurrencies, Gates stated “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that”.
However, while Gates is not a popular activist for digital assets, he mentioned that his current outlook on Bitcoin is neutral, stating “I don’t own bitcoin, I’m not short bitcoin…I’ve taken a neutral view”.
While Gates has a neutral opinion on Bitcoin, it is clearly gaining popularity across the globe. One company, MicroStrategy, looks to purchase a further $1 billion worth of Bitcoin.
Regardless of either billionaire’s ideals, cryptocurrencies are here to stay and the market looks more bullish than ever.
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