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Bill Gates on Bitcoin & Crypto: "No Valuable Output"

 


Bill Gates spoke about crypto and Bitcoin in an Ask me Anything thread on Reddit on May 19, 2022 . In his opinion, cryptocurrencies offer no social added value.


Billionaire and Microsoft founder Bill Gates once again commented on Bitcoin and cryptocurrencies and sharply criticized them. Back in March 2022, Bill Gates warned people about the dangers that crypto can bring. For Bill Gates, the high volatility of cryptocurrencies is a danger for small investors. He said in an interview with Bloomberg:


"If you have less money than Elon, you should beware".


Nevertheless, Bill Gates was of the opinion at the time that digital money in itself "was something good" especially for developing countries that could benefit from capitalization. The Bill and Melinda Gates Foundates are also said to be interested in such projects. Bill Gates was also critical of the lack of regulation in the crypto sector. Additionally, Gates is not a bitcoin bull:


"I believe that people who may not have that much cash to spend get sucked into these manias, so I'm not bullish on bitcoin ."


Bill Gates: Crypto offers no added value

In the Ask me Anything thread, a Reddit member asked him what he thought of Bitcoin and cryptocurrencies, and if he owned any himself. Bill Gates replied:


“I don't own any. I like to invest in things that have a valuable output. The value of companies is based on how they make great products. The value of cryptocurrencies is only what another person decides someone else will pay for it, so no contribution to society like other investments.”



Bill Gates has also criticized the environmental damage of Bitcoin several times in the past. He believes there are better cryptocurrencies than Bitcoin . Gates, who has made it his mission to fight climate change, explained in an interview in 2021 :


“ Bitcoin uses more electricity per transaction than any other method known to man […] This is not a good thing for the climate.”


Despite this, the Microsoft founder believes it's okay to mine bitcoin or crypto as long as it's done with renewable energy :


"If it's green power and it's not crowding out other uses, maybe that's okay."


What does Apple founder Wozniak say about Bitcoin and cryptocurrencies?

Apple co-founder Steve Wozniak is a bitcoin proponent compared to Bill Gates, but thinks little of most cryptocurrencies and NFTs . He also warned people about the dangers that ill-considered crypto investments can entail. Wozniak himself used to own BTC to “experiment” with it. However, he sold his BTC because he didn't want to make any money from it. Wozniak also never invested in stocks because, according to him, it doesn't make him happy.


Wozniak even believes that the Bitcoin price could reach $100,000. However, he could not provide an explanation for this. In March 2022 he said in an interview that his “gut feeling” tells him this.


Further, Steve Wozniak called Bitcoin the “only [cryptocurrency] that is pure gold math.” In an interview with Yahoo Finance , he explained: “ Bitcoin is mathematics, mathematical purity. There can never be another bitcoin . Bitcoin does not even have a creator that we know of.[…] Bitcoin is not operated by any company. It's just mathematically pure. And I believe nature more than man, always."


He sees most other crypto projects as scams that are only there to rip people's money off: “There are so many cryptocurrencies coming out now; everyone has an opportunity to create a new one, and you have a prominent star in there,” Wozniak said. "It looks like they're just raising a bunch of money from people who want to invest in the very first phase, when that's still worth pennies."


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