Microsoft’s billionaire co-founder Bill Gates has expressed doubts about cryptocurrencies on several occasions.
During an “ask me anything” session on Reddit earlier this week, he explained why he did not buy them.
The billionaire philanthropist said he preferred investing in “things that have valuable output”.
“The value of companies is based on how they make great products,” he added. “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.”
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Bill Gates had denounced cryptocurrencies in an interview to the Wall Street Journal in February.
“The way cryptocurrency works today allows for certain criminal activities,” he had added. “It would be good to get rid of that.”
Gates had also pointed to the volatility of cryptocurrencies in a CNBC interview. “Bitcoin can go up and down just based on the mania or whatever the views are, and I do not have a way of predicting how that will progress.”
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In another interview, he had highlighted the mere tweets from influential people, like Elon Musk, could impact the value of cryptocurrencies.
“Elon has tons of money, and he’s very sophisticated, so I don’t worry that his Bitcoin will randomly go up or down,” he had told Bloomberg in February. “I do think people get brought into these manias who may not have as much money to spare, so I’m not bullish on Bitcoin. “If you have less money than Elon, you should probably watch out.”
