Bill Gates: Crypto Has No Valid Exit – It Doesn’t Add To Society Like Other Investments – Featured Bitcoin News

Microsoft co-founder Bill Gates explained why he doesn’t own bitcoin or any other cryptocurrency. “I like to invest in things that have a valuable return,” Gates said, adding that crypto “doesn’t add to society like other investments.”

Bill Gates on Crypto and Why He’s Not Investing

Microsoft co-founder Bill Gates shared his thoughts on bitcoin and cryptocurrencies during a Reddit AMA (Ask Me Anything) session 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. I like to invest in things that have value.

He added, “The value of companies is based on how well they make great products. The value of crypto is just what another person decides someone else will pay for it, without adding to society like other investments.

Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha detailed why it wouldn’t invest in bitcoin or cryptocurrency earlier this month.

“It doesn’t produce anything,” Buffett described BTC, noting that he wouldn’t pay $25 for all the bitcoin in the world. “What would I do with it? I should sell it to you one way or another. It’s not going to do anything,” he said.

The Microsoft co-founder 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 did not own bitcoin, adding that he had taken “a neutral view”. However, he also said that cryptography was a technological innovation without which the world would be a better place. Gates noted, “The way cryptocurrency works today enables 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 tons of money and he’s very sophisticated, so I’m not worried about his bitcoin going up or down randomly,” the Microsoft co-founder said. “If you have less money than Elon, you should probably be careful,” he warned.

What do you think of Bill Gates’ comments on bitcoin and cryptocurrency? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons


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