Bill Gates on Bitcoin: Crypto Doesn’t ‘have Valuable Output,’ Isn’t ‘Adding To Society’
Microsoft co-founder Bill Gates, the world’s fourth-richest man with a personal wealth of $116 billion (₱ 6 Trillion), explained at the “ask me anything“ Reddit thread that he isn’t a cryptocurrency investor because it isn’t “adding to society.“
“I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.”
Gates noted that the value of companies is based on how they make great products but the value of crypto is” just what some other person decides someone else will pay for it.”
In an interview last February, he also advised against investing in Bitcoin because cryptocurrencies damage the environment as it uses more electricity than any other method.
Gates also disclosed in February 2021 that he didn’t own bitcoin, and he has taken “a neutral view.” However, he also mentioned that crypto was one tech innovation the world would be better off without.
Gates also commented on Tesla CEO Elon Musk owning bitcoin, noting that Musk has tons of money, “and he’s very sophisticated, so I don’t worry that his bitcoin will randomly go up or down,”
“If you have less money than Elon, you should probably watch out,” he added.
Bitcoin, the leading cryptocurrency, reached an all-time high of more than ₱3,550,000 in November 2021, but as of writing, its value is now just over ₱1,600,000. The crypto market also crashed this month resulting in the steep decline in networth of crypto billionaires like Coinbase CEO Brian Armstrong, his personal wealth has dropped by over 84%. (Read more: Bear Market Destroys Crypto Billionaires Wealth)
This May, Bitcoin became the official currency of the Central African Republic (CAR). According to a statement from the CAR presidency, lawmakers, the initiative puts CAR “on the map of the world’s boldest and most visionary countries.” (Read more: Bitcoin is Now Official Currency in Central African Republic)
The coin has reached a total of 19 million mined in circulation according to the records last April 1st, 2022. With a cap of 21 million, Bitcoin is now left with 2 million coins to mine. (Read more: Bitcoin Hits 19 Million Milestone; Only 2 Million Left to Mine)
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