Clear. 38.2   F New York
AI-Powered News Summarizer
Top Stories

Elon Musk, Bill Gates and Janet Yellen are sending bitcoin tumbling

February 23, 2021. Summarized by summa-bot.

Compression ratio: 72.6%. 2 min read.

This photograph taken on December 17, 2020 shows shows a physical imitation of a Bitcoin at a crypto currency "Bitcoin Change" shop, near Grand Bazaar, in Istanbul. - Leading virtual currency bitcoin on 16 December traded above $20,000 for the first time following a sustained run higher in recent weeks. Bitcoin reached a record-high $20,398.50 before pulling back to $20,145, which was still an intra-day gain of nearly four percent. (Photo by Ozan KOSE / AFP) (Photo by OZAN KOSE/AFP via Getty Images)

Bitcoin's roller coaster ride continues. The top cryptocurrency surged to a new all-time high above $58,000 on Sunday but fell to just above $46,000 in early trading Tuesday morning.

The top cryptocurrency surged to a new all-time high above $58,000 on Sunday but fell to just above $46,000 in early trading Tuesday morning.

The move followed skeptical comments from Tesla CEO Elon Musk, Treasury Secretary Janet Yellen and Microsoft (MSFT) co-founder Bill Gates.

Bitcoin (XBT) has soared recently following the news that Tesla (TSLA) had invested $1. 5 billion in the digital asset to hold on its balance sheet, leading to hopes that the cryptocurrency would become a more popular investment for other big companies.

But even Musk is starting to show concerns about bitcoin's surge, noting in a tweet on Saturday that he thought the prices of both bitcoin and ethereum, the world's second largest cryptocurrency "seem high. "

Speaking at the New York TImes DealBook conference, Yellen said that bitcoin is "an extremely inefficient way of conducting transactions," and expressed worries about its wild price fluctuations.

In an interview with Bloomberg, Gates said that it was one thing for Musk and Tesla to invest in bitcoin, but that doesn't mean average investors should follow that lead.

"I do think people get bought into these manias, who may not have as much money to spare, so I'm not bullish on bitcoin," Gates said.

And in case you're keeping score at home, everybody except Amazon (AMZN) CEO Jeff Bezos has less money than Elon — including Bill Gates.

It's also worth noting that Gates, like his good friend Warren Buffett, has been bearish on bitcoin for some time — a position that could have lost average bitcoin investors a lot money if they had listened to him.

In fact, Gates said in 2018 that he would short bitcoin if there were an easy way to do it.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions