Bill Gates: Cryptocurrencies have no valuable output — they don’t benefit society like other investments.

Microsoft co-founder Bill Gates explains why he doesn’t own Bitcoin or other cryptocurrencies. “I like to invest in things that have a worthwhile output,” Gates added. “Cryptocurrencies don’t add to society like other investments.”

Bill Gates on Crypto, And Why He Doesn’t Invest

Microsoft co-founder Bill Gates shared his views on Bitcoin and cryptocurrencies in Thursday’s Reddit AMA (Ask Anything) session.

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

I don’t own anything. I like to invest in things that have a worthwhile output.

“The value of a company depends on how it makes great products,” he said. The value of a cryptocurrency is not added to society like any other investment, as it is what someone else decides to pay for.”

Gates’ stance on cryptocurrency reflects that of Warren Buffett’s Berkshire Hathaway. The Oracle of Omaha earlier this month detailed why he is not investing in bitcoin or cryptocurrencies.

Buffett said, “It doesn’t produce anything. BTC, he mentioned that he would not pay $25 for every bitcoin in the world. “What am I going to do with it? I have to sell it back to you anyway. I’m not going to do anything,” he said.

Microsoft co-founder and co-chair of the Bill and Melinda Gates Foundation has long been a critic of Bitcoin and cryptocurrencies.

In February of last year, he said he did not own bitcoin, adding that he had a “neutral view”. But he said it’s one of those technological innovations that could make the world a better place without encryption. “The way cryptocurrencies work today allows for certain criminal activity,” Gates said. It would be better to get rid of that.”

Gates also mentioned that Tesla CEO Elon Musk owned Bitcoin in February last year. Microsoft co-founder said, “Elon is rich and very sophisticated, so he doesn’t worry about his bitcoin going up or down randomly.” “If you have less money than Elon, you’ll have to be careful,” he warned.

What do you think of Bill Gates’ comments on Bitcoin and cryptocurrencies? Let us know in the comments section below.

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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.

image credit: Shutterstock, Pixabay, Wiki Commons

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