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Bill Gates: I don't own bitcoin and have taken a neutral view on it


Currently, many traders and experts are wondering what will happen after the correction of bitcoin at the level of $10,000. One of the richest men in the world and the largest shareholder of Microsoft, as well as its co-founder, Bill Gates, expressed his opinion on bitcoin. Gates believes that digital currencies and blockchain technology are the future. However, according to Gates, currently, bitcoin is still developing and more steps should be taken so that bitcoin could be used by a wider audience. For example, the user should be able to cancel the transaction. "There's some really good technology in terms of sharing databases and verifying transactions that is talked about as blockchain, that is a good thing," Gates told CNBC. The tycoon himself is neutral about bitcoin as he stated. In an interview with CNBC, Gates said, "I don't own bitcoin. I'm not short bitcoin." The billionaire also said that his foundation is actively engaged in digital payment issues that can reduce transaction costs but the difference between bitcoin and blockchain technology is significant. Gate's foundation is trying to find a solution so that users can cancel the transaction and trace who is doing the certain activity to eliminate tax evasion and illegal activities. As for the future value of bitcoin, the former CEO of Microsoft believes that it can either grow or fall. Everything will depend on the degree of hype.

At the same time, analysts at JPMorgan are expecting bitcoin to fall. In their opinion, traders will not be able to keep the level of $ 50,000 until the market volatility significantly decreases. The bank's chief strategist Nikolaos Panigirtsoglu said that since January 2021, bitcoin has been growing exclusively due to the influx of retail investors. However, bitcoin could remain at high levels for a long period of time if the number of small investors is reduced to a minimum. Mr. Panigirtsoglu believes that small traders and investors will sooner or later start to leave the market, which will cause a collapse of bitcoin. Now investments in bitcoin are overwhelmingly high. However, if the situation changes even slightly, traders will immediately start withdrawing their money from bitcoin. The price for an asset will remain stable when it does not fall under the waves of mass sales. At the time of writing this article, bitcoin is worth exactly $50,000 per coin and it continues to decline. The nearest target for the fall is the Kijun-sen line, which currently is at $45,000. From our point of view, the fate of bitcoin will be determined in the coming days. If the current correction remains a correction, then the cryptocurrency will again reach $100,000 per coin. If not, investors should brace for a wave of mass sell-off of the number one cryptocurrency, which will definitely send other cryptocurrencies down too.

The material has been provided by InstaForex Company -