Bill Gates doesn’t invest in Bitcoin. And he clearly thinks you shouldn’t be doing that either.
Despite the fact that Microsoft has shown quite a substantial interest in Metaverse and web3, Bill Gates is skeptical.
This time he clearly explained why he doesn’t invest in Bitcoin. And why anybody else shouldn’t be doing that.
Bill Gates doesn’t believe in Bitcoin
Bitcoin produces nothing, says Bill Gates. And thus the crypto markets were driven purely by speculation instead of utility.
Bill Gates also mentioned that he doesn’t own any cryptocurrency.
He said: “I like investing in things that have valuable output. The value of companies is based on how they make great products.”
According to Gates, 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.
He’s been skeptical for a while
Bill Gates, who is one of the world’s richest people. And he often expressed skepticism about the crypto markets.
In March last year, Bill Gates warned retail investors against investing in Bitcoin and the developing markets.
He said that while rich crypto supporters like Elon Musk had enough wealth to withstand the volatility of the markets, it is unlikely to be the case for retail investors.
The billionaire’s recent statements strikingly mirror that of veteran investor and CEO of Berkshire Hathaway, Warren Buffett, earlier this month at a shareholders meeting.
It is worth noting Gates is a former member of Berkshire Hathaway’s board.
Buffett is known for saying:
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything.”
So Gates seems to think exactly the same about Bitcoin.
Two of the most influential American billionaires are desperately trying to bury Bitcoin. Why?
Is it because it is getting to powerful? Or is it because they feel they are not able to gain control over it?