During a live chat on social network Clubhouse, Microsoft founder Bill Gates said he’d prefer to invest in vaccines than Bitcoin.
The billionaire argued that Bitcoin poses health dangers to its users. “Bitcoin consumes more electricity than any other method known to mankind. It uses more electricity per transaction than any other method known to mankind. And, so, you know, it’s not a bad climate thing.
“If it’s green electricity and it’s not crowding out other uses. Eventually, you know, maybe that’s okay. I don’t see the topic as deeply related even though you might label me a Bitcoin skeptic.”
A recent study by the University of Cambridge suggested that Gates’ theory is correct. In its analysis, they found that Bitcoin’s network consumes no less than 121 terawatt-hours annually. That would rank in the top 30 worldwide among electricity consumers if it were a country.
Bill Gates has long been skeptical about Bitcoin. In 2018 he said that he would “short” it if he could. Short-selling refers to the practice of borrowing something, selling them, waiting for the price to drop and then buying them back cheaper.
In an earlier interview, Gates had discussed Tesla founder Elon Musk’s enthusiasm for the leading crptocurrency. “My general thought would be that if you have less money than Elon, you should probably watch out.” He told Bloomberg.
“Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down.”
Bitcoin’s value jumped nearly 50% earlier this month after Tesla revealed it had purchased $1.5 billion worth of the coin. Later revealing plans to accept it as payment,.
Gates would rather invest in vaccines
Gates said that he would rather invest in coronavirus vaccines, which are helping save people’s lives amid the ongoing pandemic. The U.S. Food and Drug Administration has helped solve one of the biggest challenges in distributing the Pfizer/BioNTech vaccine. By allowing it to be stored and transported at warmer temperatures.
There are two vaccines currently approved for emergency used by the FDA in the United States. A third one developed by Johnson & Johnson may soon be added to the mix.