Microsoft co-founder Bill Gates explained why he doesn’t own any bitcoin or other cryptocurrencies. “I like investing in things that have a valuable output,” Gates said, adding that cryptocurrencies “do not add to society like other investments.”
Bill Gates on cryptocurrency, and why not invest
Microsoft co-founder Bill Gates shared his opinion on Bitcoin and cryptocurrency in a Reddit AMA (Ask Me Anything) on Thursday.
One of the questions he was asked was “What do you think of Bitcoin and cryptocurrencies?” Gates replied:
I don’t own any of them. I like to invest in things that have a valuable output.
He added, “The value of companies depends on how great products are made. The value of a cryptocurrency is just what someone else decides that someone else is going to pay for it, so you don’t add it to society like other investments.”
Gates’ stance on crypto echoes that of Berkshire Hathaway and Warren Buffett. The Oracle of Omaha detailed why he did not invest in bitcoin or cryptocurrency earlier this month.
It doesn’t produce anything, Buffett describe it BTCNoting that he would not pay $25 for every bitcoin in the world. “What do I do with it? I have to sell it back to you somehow. It won’t do anything,” he said.
The co-founder of Microsoft and co-chair of the Bill and Melinda Gates Foundation has long been a critic of Bitcoin and cryptocurrency.
In February last year, he said he does not own bitcoin, adding that he takes a “neutral view”. However, it is also She said Cryptography was one of the technical innovations without which the world would be better off. Gates noted, “The way cryptocurrency operates today allows for some criminal activity. It would be good to get rid of that.”
Gates also commented on Tesla CEO Elon Musk owning bitcoin in February of last year. “Elon has a lot of money and is very sophisticated, so you don’t have to worry that his bitcoin will go up or down randomly,” said one of the Microsoft co-founders. “If you have less money than Elon, you should probably pay attention,” he cautioned.
What do you think of Bill Gates’ comments about Bitcoin and cryptocurrencies? Let us know in the comments section below.
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