Microsoft co-founder Bill Gates has explained why he doesn’t own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable outputs,” Gates said, adding that crypto “isn’t adding to society like other investments.”
Bill Gates on Crypto, and Why He’s Not Investing
Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session on Thursday.
One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied:
I don’t have any owner. I like to invest in things that have valuable output.
He added: “The value of companies is based on how they make great products. The value of crypto is what someone else decides what someone else will pay for, so not adding to society like other investments. “
Gates’ stance on cryptocurrencies is similar to that of Warren Buffett, Berkshire Hathaway. The Oracle of Omaha explained why he would not invest in bitcoin or cryptocurrency earlier this month.
“It produces nothing,” Buffett described BTC, noting that he wouldn’t pay $25 for all the bitcoin in the world. “What will I do with it? I’m going to have to sell it back to you one way or another. It’s not going to do anything,” he said.
Microsoft co-founder and co-chair of the Bill & Melinda Gates Foundation has long been a critic of bitcoin and cryptocurrencies.
In February last year, he said he did not own bitcoin, saying he had taken a “neutral approach.” However, he also said that crypto was a technological innovation without which the world would be better. Gates said: “The way cryptocurrency works today allows some criminal activity. It would be nice to get rid of it.”
Gates also commented on Tesla CEO Elon Musk owning bitcoin in February last year. “Elon has a lot of money, and he is very sophisticated, so I don’t worry about his bitcoin going up or down randomly,” said the Microsoft co-founder. “If you have less money than Elon, you should probably be careful,” he warned.
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