Betting against Bitcoin, yet by 2024, Bitcoin’s remarkable growth proved the cryptocurrency’s potential and defied early skepticism. Microsoft’s wealthy founder, Bill Gates, made news in 2018 when he openly stated that he would wager against Bitcoin (BTC) because he thought it was a speculative bubble. In 2024, Bitcoin surpassed conventional assets by a wide margin, prompting many investors to question how much they would have made if they had gambled on the digital currency when Gates expressed his pessimism. This post will discuss what would have happened to your portfolio today if you had invested $1,000 in Bitcoin when Bill Gates said he would short the cryptocurrency.
Bill Gates’ Bitcoin Criticism
Before discussing the possible profits, let’s examine Bill Gates’ Bitcoin beliefs. In a 2018 interview, Gates said he was “not a fan” of Bitcoin, calling it a mere speculative asset. He said he would “short” Bitcoin if he could and benefit from its price drop. Bitcoin was trading about $8,000–$9,000 per coin, and investors were unsure of its future.
Gates disliked Bitcoin due to its volatility and the cryptocurrency market’s lack of regulation. He said Bitcoin is “fool’s gold ” and has no fundamental worth. Many financial professionals doubted Bitcoin’s long-term worth. A few years after Gates’ comments, Bitcoin exceeded major price milestones, proving its naysayers incorrect.
Bitcoin’s Growth
Bitcoin’s price was volatile in 2018 when Bill Gates spoke. Bitcoin failed to maintain its value after peaking at over $20,000. In 2018, Bitcoin made a surprising comeback. In 2023, Bitcoin was valued at over $30,000. Institutional investments, acceptance, and Bitcoin-related financial products raised Bitcoin’s price in 2024. A $1,000 Bitcoin investment would have increased tremendously at Bill Gates’ brief BTC announcement. How exactly? Calculate the 2018 $1,000 Bitcoin investment growth.
$1k Bitcoin Investment Growth
Bitcoin (BTC) was about $8,500 when Bill Gates openly expressed his pessimism and said he might short it in 2018. Let’s say someone invested $1,000 in Bitcoin at that time. At $8,500 per Bitcoin, your $1,000 investment yielded 0.117 Bitcoin (1,000 ÷ 8,500 = 0.117). In 2024, Bitcoin’s price topped $30,000 per coin. Keeping your 0.117 Bitcoin would be worth around $3,510 today (0.117 × 30,000 = 3,510). With a 251% ROI, your $1,000 investment would have risen to almost $3,500 in six years.
This vast increase shows cryptocurrencies’ volatility and growing potential, especially Bitcoin, which has exceeded many expectations, including Gates. Bitcoin is a risky asset, but the $1,000 investment scenario shows the rewards for early digital currency users. It also emphasizes examining new investing opportunities, even when prominent personalities and experts are skeptical. Bitcoin’s strong returns, however dangerous, attract risk-takers.
Bitcoin’s Institutional Surge
Bitcoin is rising owing to institutional investment. It acquired recognition when major firms, financial institutions, and hedge funds added it to their balance sheets or created Bitcoin products. Bitcoin gained legitimacy after MicroStrategy, and Tesla invested billions. Bitcoin rose to fight inflation. Due to global inflation, many investors possess Bitcoin. Bitcoin falls because central banks can print money, and it has 21 million coins.
Bitcoin draws currency-protective investors with scarcity. Demand from consumers and institutions raised Bitcoin’s price. Non-fungible tokens and DeFi applications enhance Bitcoin. More shops accept Bitcoin. Celebrities and social media support Bitcoin. National cryptocurrency frameworks legitimize Bitcoin. These laws encourage Bitcoin investment. Bitcoin is becoming renowned worldwide for these reasons.
Also Read: Saylor’ss Bitcoin Vision vs.Microsoft’ss Resistance
Conclusion
If you had invested $1,000 in Bitcoin at the time of Bill Gates’ well-known declaration that he would short the cryptocurrency, you would have had a 251% return by 2024. The cryptocurrency market has disproved Bill Gates and other financial experts’ doubts about Bitcoin’s long-term sustainability, and it has now grown to be a substantial financial asset.
In retrospect, those who dared to wager on Bitcoin in its infancy have significantly profited.d Bitcoin’s future appears more promising due to institutional acceptance, inflation worries, and the expanding cryptocurrency ecosystem. There is still uncertainty over whether Bitcoin will continue to rise. One thing is sure, though: for investors who are prepared to take a chance on this digital asset, the early days of Bitcoin have produced substantial possibilities.
