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Bill Gates Reveals Why He's Not Investing in Bitcoin and Other Cryptocurrencies

 


The world's richest men are divided on cryptocurrencies, and recent comments from Bill Gates show that he remains skeptical about the asset class. Still, it's worth noting that Microsoft, a company he founded and once controlled, has taken an active interest in the markets.


Bitcoin brings nothing, says Bill Gates

Bill Gates has said during an Ask Me Anything (AMA) session on social media platform Reddit that he doesn't own any cryptocurrency. Instead, the former Microsoft CEO and fourth richest person expressed concern that crypto markets are being driven by pure speculation rather than utility.


“I don't own any [cryptocurrencies]. 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, and thus does not contribute to society like other investments,” Gates said.


It's not the first time the billionaire has expressed skepticism about the crypto markets. In March last year, Gates warned retail investors not to invest in developing markets. He argued that while billionaire crypto advocates like Elon Musk had enough wealth to weather the volatility of the markets, that's probably not the case for retail investors.


The billionaire's recent comments strikingly echo those of veteran investor and Berkshire Hathaway CEO Warren Buffett at a shareholder meeting earlier this month. It's worth noting that Gates is a former member of the Berkshire Hathaway board of directors. Berkshire Hathaway CEO Buffett told the shareholder meeting why he's not interested in Bitcoin:


“I don't know if it's going up or down next year or in five or ten years. But the only thing I'm pretty sure about is that it's not worth it."


Microsoft's interest in emerging markets

While Bill Gates remains suspicious of the nascent market, criticizing it for its anonymity and energy consumption, the company he founded, Microsoft, has shown an active interest in the development of blockchain technology. Microsoft's interest in cryptocurrencies began in 2014 when Gates was still a board member and the company started accepting payments in Bitcoin.


Earlier this year, Microsoft acquired game publishing giant Activision Blizzard, while also announcing in a job posting that the company is looking for someone to lead its Web3 project. 

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