'If You Have Less Money Than Elon, Watch Out': Tech Billionaire With £85B Net Worth Warns Against Crypto

Microsoft co-founder Bill Gates reiterated his view on cryptocurrencies, saying they are useless as the industry navigates one of the most bullish cycles in its history. "There are people with high I.Q.s who have fooled themselves on that one," Gates told The New York Times.

Gates, with a net worth close to £85.32 billion ($106 billion), opined on the crypto industry as tokens like Bitcoin and Ripple XRP reached record highs on US President Donald Trump's arrival in the White House and his appointment of pro-crypto officials.

Trump seeks to make America the crypto capital of the world and even launched his own $TRUMP meme coin as his team works to devise a regulatory framework for digital tokens.

However, volatility in the crypto industry has surged on 1st February. The prices of top digital tokens tanked by over 10% as the prospect of a trade war between the US and other nations peaked after the Trump team began imposing high tariffs.

Despite the mass sell-off, cryptos like Bitcoin bounced back above £80,519 ($100,000) earlier this week.

Gates Warns Masses Against Investing In Bitcoin

In 2022, Gates said cryptocurrencies are a risky investment for people who don't have substantial financial resources.

When asked about his views on Tesla's significant Bitcoin holdings during a Bloomberg interview, Gates said, "Elon has tons of money, and he's very sophisticated, so I don't worry that his Bitcoin will randomly go up or down."

"I do think that people get bought into these manias who maybe don't have as much money to spare. So, I'm not bullish on Bitcoin," Gates added.

Overall, he believes that people with "less money than Elon" should "probably watch out." In February 2025, Elon Musk's net worth hovered around £329.23 billion ($409 billion).

Why Does Gates Think Bitcoin Is Useless?

Gates explained that society invests in several instruments and assets that produce output, but Bitcoin isn't one of them.

"Bitcoin happens to use a lot of energy, it happens to promote anonymous transactions, they are not reversible transactions," he explained.

Furthermore, the billionaire highlighted that the Gates Foundation "does a lot in terms of digital currency, but those are things where you can see who is making the transaction."

His long-time friend, Warren Buffett, also shared a similar view on cryptocurrencies, even describing digital tokens as "rat poison" and forecasting a bad ending to the industry.

Buffett repeatedly said he wasn't a fan of cryptos and, in 2018, told CNBC that his firm Berkshire Hathaway doesn't own any: "We'll never have a position in them." The Oracle of Omaha echoed Gates' view that Bitcoin isn't going to do anything.

However, recent filings with the US Securities and Exchange Commission show that Berkshire Hathaway holds over 86.43 million shares worth over £885 million ($1.1 billion) in Brazil-based Nu Holdings bank.

The bank serves over 100 million customers in Brazil, Colombia, and Mexico and rolled out a crypto platform called Nubank Cripto in 2022. This platform supports crypto investments and digital token conversions and acquired over 1 million users in the first month of launch.

Berkshire Hathaway invested £402 million ($500 million) in Nu Holdings in a 2021 Series G funding round, followed by an additional £201 million ($250 million). Nu Holdings' stock price has increased over 34% year-over-year, which translates to significant profits for Buffett's company. Nu Holdings is Nubank's parent company.

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