Bill Gates, a co-founder of Microsoft, has explained why he does not own bitcoin or other cryptocurrencies. “I prefer to invest in things that produce a valuable output,” Gates said, adding that crypto “doesn’t add to society like other investments.”
Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session 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 investing in things that have valuable output.
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 explained in detail why he would not invest 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 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.