Bitcoin prices are falling with comments from Elon Musk, Bill Gates and Janet Yellen

The move will be addressed to Tesla CEO Elon Musk, Finance Minister Janet Yellen and Microsoft (MSFT) co-founder Bill Gates.

Prices stabilized around $ 48,000 in early trading on Tuesday, but that’s still down more than 10% from Monday’s level.

But even Musk is concerned about the wave of bitcoin, he notes a tweet on saturday that he says the prices of both bitcoin and ethereum, the world’s second-largest cryptocurrency, “seem high”.

Yellen, the former president of the Federal Reserve, also raised some doubts on Monday.

At the TImes DealBook conference in New York, Yellen said bitcoin was “an extremely inefficient way to conduct transactions,” and expressed concern about its wild price fluctuations.

“It’s a very speculative tool and I think people need to be careful. It can be extremely volatile and I’m worried about the potential losses that investors may suffer,” Yellen said.

Gates’ negative comments didn’t help either.

The stock of this bitcoin bank jumped nearly 1,300% in just over a year
In an interview with Bloomberg, Gates said it was one thing for Musk and Tesla to invest in bitcoin, but that doesn’t mean the average investor should follow that direction.

“I think people get into these maniacs who may not have enough money to spare, so I’m not bullish on bitcoin,” Gates said.

“My general idea would be that if you have less money than Elon, you probably have to take care.”

And if you keep the score at home, everyone except Amazon (AMZN) CEO Jeff Bezos has less money than Elon – including Bill Gates.

It’s also worth noting that, like Gates ’good friend Warren Buffett, he’s been barren in bitcoin for a while – a position that the average bitcoin investor could have lost a lot of money to if listened to.

In fact, Gates said in 2018 that it would shorten bitcoin if there was an easy way to do it. The cryptocurrency traded for less than $ 10,000 at the time.

Despite the recent withdrawal, bitcoin prices will still rise by more than 65% in 2021.

This dramatic wave sounds alarming to many on Wall Street, reminding some veteran strategists of past market bubbles and speculative frenzies.

“While bitcoin has gained significant credibility in recent months due to interest from institutional investors,” said Kristina Hooper, in Invesco’s global market strategy report Monday, “it could still be the digital equivalent of‘ tulip mania ’that grabbed Holland in the 1600s. and led the price of tulip bulbs to an astronomical and unsustainable peak before their inevitable collapse. ”