The billionaire and Bitcoin skeptic offered fresh criticism for digital assets as cryptocurrencies continue to sell off.
In a February 2021 interview with Bloomberg, Gates warned that crypto is a risky investment for the average retail investor.
"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," he said at the time. "My general thought would be that if you have less money than Elon [Musk], you should probably watch out." also told the New York Times in March that Bitcoin mining is "not a great climate thing" because it "uses more electricity per transaction than any other method known to mankind."
"If it’s green electricity and it’s not crowding out other uses, eventually, you know, maybe that’s OK," he added.Cryptocurrencies have fallen in sympathy with the broader market as the Federal Reserve has started hiking interest rates to tame scorching-hot inflation. On Wednesday, the Fed will offer an update on its outlook for the economy following the conclusion of its policy-setting meeting.
The world's largest cryptocurrency has taken a nosedive from its all-time of $68,990.90 per coin hit in 2021, falling to around $21,000 per coin as of the time of publication. Meanwhile, Ethereum and Dogecoin are trading around $1,100 and 5 cents per coin, respectively.
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