Generally speaking, billionaires have mixed feelings regarding Bitcoin and other cryptocurrencies. While some of them are already investing in it and obtaining some serious profits, some of them are completely against it. Microsoft founder Bill Gates can be considered as a part of a second category, especially after his interview for CNBC’s “Squawk Box.”
According to Investopedia, this Monday he declared that if there was an easy way to bet against Bitcoin, which is now the largest cryptocurrency in the world, in terms of market cap, he would immediately do it.
Gates believe that everything is based just on speculation
“Bitcoin and ICOs, I believe completely they’re some of the crazier, speculative things,” Bill Gates Said. However, he did admit that for a while, he owned some Bitcoin, received as a gift for his birthday a few years ago, but he sold them a few years back.
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type of investment,” the tech entrepreneur told CNBC.
However, despite all the issues he has with Bitcoin, Bill Gates said that the blockchain technology is definitely a good thing and a positive for various use cases, like sharing databases and, of course, verifying transactions.
Sharing the same thoughts as his friend, Warren Buffet
From a specific point of view, such declarations can’t be considered surprising. After all, he wouldn’t be the first billionaire who doesn’t believe in the potential of cryptocurrency.
Bill Gates is on the board of Warren Buffet’s Berkshire Hathaway, so sharing the same opinions is something we were expecting. Mr. Buffet is well known for his thoughts on cryptocurrency, while his longtime investing partner and vice chairman, Charlie Monger, is the one who, in front of a huge audience, spoke about Bitcoin as “rat poison.”
At the time of the writing, Bitcoin is trading at $9,364.16, with a total market cap of over $159 billion. If this will continue growing, we will be very curious to hear what Bill Gates has to say about it.