The founder of Microsoft and once the richest person on Earth thinks that a total collapse of Bitcoin is coming. Well, even though I do not personally believe in what he says, let’s take a look at his opinion. It has to mean something right! difficult to say as it comes at a time when the price of Bitcoin has fallen to $55k after the huge drop in hash rate. It has now become a trend that every time the price of Bitcoin slumps, those who don’t believe in the same take a shot at it. And Bill Gates has done nothing different.
What does Bill think about the total collapse of Bitcoin?
After the recent price drop of Bitcoin and the falling hash rate, investors have been concerned whether this is the end of the huge bull run. Many speak in favor of it and say there is no force left in this rally, and things will just go down from here on. And on the other hand, we have analysts who think that Bitcoin is just consolidating and will make a new high as things recover. Bill Gates falls in the former category as he awaits the total collapse of the currency.
Recently a video has been out that showed Bill Gates talking about why he thinks that the price of Bitcoin is going only downhill from here. He does talk about having a neutral view of cryptocurrency. This is a big change from his views back in 2013 when he totally discarded the idea of crypto taking over fiat. But one of the biggest problems he thinks of is the price volatility of Bitcoin. We all know how the price of Bitcoin could fluctuate based on market demand, news, and what happens in the sector. This makes it incredibly difficult to predict its future. And therefore, Bill thinks that Bitcoin is a bubble that could burst anytime.
Bitcoin does follow predictions!
From the time Bitcoin was released, it has been considered a bubble. When it reaches $1, people called it expensive; then it reached $50, $100, $200, $1000, $5000, but people always called it super expensive and too much to buy. However, Bitcoin has never disappointed its investors. And by giving over 200% returns every year, it has become one of the best-performing assets in history. It is, therefore, very odd to see people calling it still a bubble and not understanding the idea behind the same.
They say it’s volatile, but it is not the enemy of Bitcoin. The fact that it is volatile makes it possible to give over 200% every single year. And this is also the reason most analyses don’t work well with Bitcoin. So, if you are thinking about dumping your coins, maybe you should do some more research.
What are your thoughts on Bill Gates betting on the total collapse of Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Bitcoin transaction charges hit an all-time high.