Crypto Has No Valuable Output — It’s Not Adding to Society Like Other Investments – Featured Bitcoin News

Bill Gates, Microsoft founder and co-founder has spoken out to explain why he doesn’t own bitcoins or any other cryptocurrency. “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 Isn’t Investing

Bill Gates, Microsoft’s cofounder and chief executive officer shared his views on bitcoin and cryptocurrencies during a Reddit AMA session (Ask Me Anything), Thursday.

One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies?” Gates replied:

I don’t own any. It’s important to me that I invest in items with a high return.

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. In detail, The Oracle of Omaha explained why he didn’t want to invest in Bitcoin or Cryptocurrencies earlier in the 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.

Microsoft co-founder and vice-chairman of the Bill and Melinda Gates Foundation is a long-standing 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 made comments about Tesla CEO Elon Tesla owning bitcoin last February. “Elon has tons of money, and he’s very sophisticated, so I don’t worry that his bitcoin will randomly go up or down,” Microsoft co-founder said. “If you have less money than Elon, you should probably watch out,” he warned.

What do you think about Bill Gates’ comments about bitcoin and cryptocurrency? Please comment below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects and intersections between cryptography and economy.