Bill Gates Says Why He Doesn't Own Bitcoin

 Bill Gates believes that cryptocurrencies do not create value like companies and he does not invest in any cryptocurrency.

When asked what he thinks about Bitcoin and cryptocurrencies on the Reddit forum, the Microsoft founder replied: "I don't own any. I like to invest in things that have an output."

To make his point, the billionaire explained that companies get value from creating products. Meanwhile, the value of cryptocurrencies is "something people decide to pay for each other", so it does not bring anything back to society like other investments.

This is not the first time Bill Gates has "criticized" cryptocurrencies, but his statement still attracts great attention, receiving more than 12,000 upvotes on Reddit.

Billionaire Bill Gates calls Bitcoin a crazy speculation. Photo: Reuters
Billionaire Bill Gates calls Bitcoin a crazy speculation. Photo: Reuters

Gates' answer also generated mixed opinions. Many forum members consider the billionaire's views outdated, with evidence that some cryptocurrencies like Bitcoin and Ethereum have increased in price many times over the shares of major technology companies, and also have the same value as fiat money. Others argue that cryptocurrencies consume huge amounts of energy and adversely affect the environment.

Last year, speaking to CNBC, the Microsoft co-founder also said: "Bitcoin can go up or down based on anyone's feelings or opinion, and I have no way of predicting that volatility," alluding to about Elon Musk's statements that can cause a certain cryptocurrency to fluctuate in price.

“If you have less money than Elon, you should probably take precautions,” Gates advises those looking to invest in Bitcoin. In addition, he is also concerned that the way cryptocurrencies work can facilitate some criminal activities.

Gates' views are similar to those of a friend of his, the legendary investor Warren Buffett. At a meeting in early May, Buffett asserted that even if anyone sold all of his Bitcoins for $25, he wouldn't buy them because he "didn't know what to do with them and they didn't create any value."

Popular posts from this blog

'Ploughs' were sold massively when Bitcoin plunged

DTS and Cornwalls support Vietnamese startups in international markets

Menschen in reichen Ländern glauben nicht an Metaverse