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Crypto has no valuable output – it does not contribute to society like other investments – Featured Bitcoin News

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 “does not add to society like other investments.”

Bill Gates on Crypto and why he does not invest

Microsoft co-founder Bill Gates shared his views on 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?”[ads1]; Gates replied:

I own none. I like to invest in things that have a valuable effect.

He added: “The value of companies is based on how they make great products. The value of crypto is just what another person decides that someone else will pay for it, so they do not add to society like other investments.”

Gates’ attitude to cryptocurrency reflects that of Berkshire Hathaway Warren Buffett. Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptocurrency earlier this month.

“It produces nothing,” Buffett described BTC, noting that he would not pay $ 25 for all bitcoin in the world. ‘What should I do with it? I have to sell it back to you somehow. It’s not going to do anything, he thought.

Microsoft’s 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 crypto was a technological innovation the world would be better off without. Gates noted: “The way cryptocurrency works today allows certain criminal activities. It would be good to get rid of it.”

Gates also commented on Tesla CEO Elon Musk, who owns bitcoin in February last year. “Elon has tons of money, and he’s very sophisticated, so I’m not worried that his bitcoin will go up or down randomly,” said Microsoft co-founder. “If you have less money than Elon, you should probably take care of yourself,” 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 Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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