'I Like Investing In Things That Have Valuable Output': Bill Gates Explains Why He Doesn't Own Crypto
Gates said, “The value of crypto is just what some other person decides someone else will pay for it.”
New Delhi: Bill Gates, the billionaire philanthropist and co-founder of Microsoft, doesn’t appear to jump onto the crypto bandwagon anytime soon. Gates showed his disinterest in cryptocurrencies as he believes they don’t add to “society” like other investments. This isn’t the first time that Gates has spoken out against digital currencies. Cryptocurrencies are facing a tough month, finding it hard to land in the greens since the TerraUSD stablecoin collapse last week. With a net worth of $125 billion, Gates is the fourth-richest person in the world.
During a Thursday Ask Me Anything interaction on Reddit, Gates said, “I like investing in things that have valuable output. The value of companies is based on how they make great products. 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.”
Unlike other investors who are increasingly turning towards crypto, Gates doesn’t seem to be wooed by digital currencies just yet, as he said he wasn’t bullish on crypto in an interview with Bloomberg earlier in February. He expressed his concern for ordinary investors who are putting their money into cryptos. He said as a friendly warning, “If you have less money than Elon, you should probably watch out.”
As the TerraUSD stablecoin collapsed last week, the overall crypto market has been in a constant freefall ever since. So far, Bitcoin is down 27 percent this month and Ethereum saw a dip of 36 percent.
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At the time of writing, Bitcoin price stood at $30,045.28 as per CoinMarketCap data. As per Indian exchange WazirX, BTC price stood at Rs 24.37 lakhs. ETH price, on the other hand, stood at $2,016.53. Ethereum price in India stood at Rs 1.63 lakhs.
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