Bill Gates, Microsoft co-founder, has stated why he doesn’t own any cryptocurrency or bitcoin. Gates stated that he likes investing in things with valuable output and that crypto “is not adding to society like other investments.
Bill Gates discusses Crypto and Why He isn’t Investing
Bill Gates, Microsoft’s co-founder, shared his views on bitcoin and cryptocurrencies during a Reddit AMA session (Ask Me Anything), Thursday.
Gates answered the question, “What do your thoughts about Bitcoin and cryptocurrencies?”
I don’t have any. I enjoy investing in things with a high return.
He said, “The value of companies depends on how they create great products.” Cryptocurrency is only worth what another person decides to pay. It does not add value to society like other investments.
Gates’ position on cryptocurrency is similar to that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha detailed why he wouldn’t invest in cryptocurrency or bitcoin earlier in the month.
Buffett stated that “it doesn’t produce anything” and noted that he would not pay $25 for every bitcoin in the world. What would you do with it? It would have to be sold back to me in some way. He stated that it wasn’t going to make any difference.
Microsoft co-founder and Co-chair of Bill and Melinda Gates Foundation, the Microsoft co-founder and cochair has been an outspoken critic of cryptocurrency and bitcoin for years.
He stated that he doesn’t own bitcoin in February 2013 and added that he had taken “a neutral viewpoint.” But, he also claimedcrypto is one technology innovation the world would be better without. Gates stated that cryptocurrency today is a platform for criminal activity. It would be great to eliminate that.”
Gates also made comments about Tesla CEO Elon Musk’s bitcoin ownership in February of last year. Microsoft co-founder Michael Gates stated that Elon Musk has a lot of money and is very intelligent. He doesn’t have to worry about whether his bitcoin will go up or down. He warned that if you have less than Elon’s money, you should be careful.