Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding 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 about 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 they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.”
Gates’ stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha detailed why it won’t be investing in bitcoin or cryptocurrency earlier this month.
“It doesn’t produce anything,” Buffett described BTC, noting that he wouldn’t pay $25 for all of the bitcoin in the world. “What would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” he opined.
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 didn’t own bitcoin, adding that he has taken “a neutral view.” However, he also said crypto was one tech innovation the world would be better off without. Gates noted: “The way cryptocurrency works today allows for certain criminal activities. It’d be good to get rid of that.”
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.
