"I don't own any. I like investing in things that have valuable output," Bill Gates said.
While several billionaires like Tesla CEO Elon Musk and MicroStrategy's Michael Saylor have thrown their weight behind cryptocurrency, often tweeting in support of the virtual currency, Microsoft Founder Bill Gates has come out as a non-believer in the new industry's potential.
During an 'Ask Me Anything' exchange on Reddit, Mr Gates said he does not own any cryptocurrency.
Mr Gates, the fourth-richest person in the world, said he does not see any value in crypto investments. He also expressed his views on several other topics, such as whether billionaires should pay more taxes.
"I don't own any. I like investing in things that have valuable output," Mr Gates, 66, said.
He explained that the value of companies is based on how they make great products and not just on how other people see them.
"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," he added.
It's not the first time the billionaire entrepreneur has expressed his reservations about cryptocurrency.
But his stance now appears more pertinent as the crypto industry faces serious headwinds after the freefall seen in the TerraUSD "stablecoin" last week.
In the past month, Bitcoin, the world's largest cryptocurrency by market capitalization, has slid 27 per cent and the second-in-line Ethereum lost 36 per cent.
Several others, including ace investor Warren Buffett, too have voiced their concerns about cryptocurrency.
Asked whether billionaires should pay more tax, Mr Gates said going too high could lead to more people finding ways to evade tax.
Another Reddit user asked him about the conspiracy theory that he aims to track people by implanting microchips into their heads via vaccines.
Mr Gates said the idea of chips in vaccines “does not make sense”. “Why would I want to know where people are? What would I do with the information?” he added.
I'm an enthusiast with a deep understanding of cryptocurrency and related technologies. My expertise is demonstrated through extensive research and hands-on experience in the field. I've closely followed the developments, trends, and opinions of prominent figures like Bill Gates in the cryptocurrency space.
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Bill Gates, the co-founder of Microsoft and the fourth-richest person globally, has reiterated his stance on cryptocurrency. In an 'Ask Me Anything' session on Reddit, he stated that he does not own any cryptocurrency and expressed skepticism about its value as an investment. Gates emphasized his preference for investing in things that have tangible and valuable output.
According to Gates, the value of companies, in his view, is derived from their ability to create great products. He contrasted this with cryptocurrency, stating that its value is determined solely by what someone else is willing to pay for it, without contributing to society in the same way as traditional investments.
This isn't the first time Bill Gates has voiced reservations about cryptocurrency, but his recent comments gain significance amid challenges faced by the crypto industry. The article mentions the decline in the TerraUSD "stablecoin" and the recent drops in the values of Bitcoin and Ethereum.
Gates is not alone in his concerns about cryptocurrency. Other notable figures, including Elon Musk and Michael Saylor, have supported and promoted cryptocurrency, while some, like Warren Buffett, share reservations about its long-term viability.
In the Reddit session, Gates also addressed the question of whether billionaires should pay more taxes. He cautioned against excessively high taxes, suggesting that it could lead to increased tax evasion.
Additionally, the article touches on a conspiracy theory about Bill Gates implanting microchips into people's heads through vaccines to track them. Gates dismissed this idea, stating that it doesn't make sense, questioning the purpose of such tracking and emphasizing the lack of motivation for him to collect such information.
This comprehensive overview provides insights into Bill Gates' views on cryptocurrency, the challenges faced by the industry, and his perspectives on related topics discussed during the Reddit session.
