Bitcoin Price Rallies Despite Anti-Crypto Jabs By Billionaires Bill Gates, Warren Buffett

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Bitcoin Price Rallies Despite Anti-Crypto Jabs By Billionaires Bill Gates, Warren Buffett

Bitcoin’s price rose despite billionaires such as Bill Gates and Warren Buffett dismissing cryptocurrencies as speculative, risky investments.

BTC prices have risen by more than 3% in the previous 24 hours. Bitcoin was trading at $10,694 per token at 16:08UTC today, up more than $1,000 from the start of the week when it was less than $9,600 a coin.

Ethereum (XRP) prices gained (around 1.5%) and were trading at $867.65 at 16:05 UTC, up from $844 at the start of the week.

Bitcoin cash, Ripple, and Litecoin’s market capitalization increased by 4.45%, 1.67%, and 1.24%, respectively, among the top ten most valued virtual currencies.

Top Dog bitcoin has had a hard few weeks, with wealthy investors and business moguls blasting it and other cryptocurrencies for their volatile price swings, opacity, and lack of regulation.

Bill Gates, co-founder of Microsoft (MSFT), recently described virtual currencies as “super-risky” and much too speculative to survive in the long run. “The speculative surge around ICOs and cryptocurrencies is very dangerous for those who go long,” Gates stated during a Reddit AMA. (Read more: Bill Gates: Cryptocurrencies Are ‘Super Risky for Those Who Go Long.’)

Safe Haven For Crooks?

Furthermore, Gates is wary of the anonymity and secrecy that characterize the crypto eco-system, claiming that they might facilitate evil activities like as money laundering, illicit drug transactions, and even abduction.

“The primary characteristic of crypto currencies is their anonymity.” “I don’t believe this is a good idea,” Gates said on Reddit. “Right now, bitcoins are used to purchase fentanyl and other narcotics, therefore it is a rare technology that has directly resulted in fatalities.”

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Gates reiterated Berkshire Hathaway billionaire Warren Buffett’s prediction that virtual currencies “will have a nasty conclusion.” (Learn more:Buffett: Cryptocurrency Will Fail.)

$10 Billion Bitcoin Lawsuit

Meanwhile, the digital currency industry was startled by news that an Australian entrepreneur, Craig Wright, the self-proclaimed creator of bitcoin, had been sued for $10 billion.

Wright was charged in the federal complaint of attempting to steal blockchain intellectual property rights and more than $5 billion in Bitcoin from a former business colleague (See more: $10 Billion Lawsuit Filed Against Man Claiming to Be Bitcoin Inventor Satoshi Nakamoto.)

A lawsuit of that magnitude, rising media hoopla, and the repeated punches currently being levied by the largest names in finance are all potentially questionable indicators that cryptocurrencies have now “arrived.” At the very least, they’ve become too large to ignore.

However, fame has its drawbacks, as the need for regulation becomes stronger with each screaming headline. People who gained from bitcoin’s recent price surge may soon be required to pay taxes on their digital earnings. The IRS has got a court order requiring Coinbase, the world’s most popular bitcoin exchange, to provide over information on 13,000 users. (For more information, see IRS Wants to Tax Your Bitcoin Gains.)

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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