Bitcoin: Martin Lewis gives advice on cryptocurrencies
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After reaching a record a few days ago, Bitcoin is dropping, along with other popular cryptocurrencies. Bitcoin fell 10.1 percent to $54,743.57 (£39,295.76) as of 7.30am in New York on Sunday, after declining as much as 15.1 percent to $51,707.51 (£37,116.43) in the Asian market at the same time. Online reports attributed the plunge to speculation the US Treasury may crack down on money laundering that is carried out through digital assets.
Co-founder and former CEO of Microsoft, Bill Gates, is reported to believe things will only get worse as time goes on.
Stock market analysis YouTube channel MHFIN claimed: “Gates has been talking about the cryptocurrency for quite a while.
“It’s pretty obvious he’s not a fan.”
Mr Gates is not the only American billionaire who is against the cryptocurrency, though.
Warren Buffett, chairman and CEO of Berkshire Hathaway, has repeatedly said Bitcoin is a bad investment.
Before the 2018 Berkshire annual meeting, he went as far as to compare the cryptocurrency to “probably rat poison square”.
He then told CNBC: “Bitcoin itself is creating nothing.
“When you’re buying nonproductive assets, all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along.”
Mr Buffet has something of a history of knocking the cryptocurrency.
A few weeks earlier, the so-called “Oracle of Omaha” argued that investing in Bitcoin was a gamble.
He said: “If you wanna gamble somebody else will come along and pay more money tomorrow, that’s one kind of game. That is not investing.”
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He also warned investors that Bitcoin and other cryptocurrencies would “almost certainly” come to a “bad ending.”
And, the year before, he stated that the Bitcoin market is a bubble, adding, “You can’t value Bitcoin because it’s not a value-producing asset.”
Tesla CEO Elon Musk has a different opinion on Bitcoin.
In February, he announced his company had bought $1.5billion (£2.1bn) of the crypto coin.
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The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency.
Following his purchase, Mr Musk even claimed Bitcoin was a better investment than owning fiat currency — but only just.
He wrote on Twitter that “when fiat currency has negative real interest, only a fool wouldn’t look elsewhere”.
Mr Musk’s comments followed that of fellow billionaire Jeffrey Gundlach, who a day earlier said he now believes Bitcoin trumps gold as a “stimulus asset”.
Express.co.uk does not give financial advice. The journalists who worked on this article do not own Bitcoin.
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