The founder of tech giant Microsoft, Bill Gates, has recently spoken negatively about the world of crypto. According to Gates, the crypto industry has no “valuable output” and for that reason, he personally does not own any cryptocurrencies. He even goes a step further and states that crypto actually adds nothing to society at all.
Bill Gates turns against crypto
Bill Gates made these statements during a AMA (Ask Me Anything) on the social media platform Reddit. A user on Reddit asked Bill Gates what he thinks bitcoin (BTC) and other cryptocurrencies. His answer made it clear that he actually doesn’t want to know anything about the crypto sector.
“I don’t own any. I like to invest in things that are valuable. The value of companies is based on how they make great products. The value of crypto is simply what another decides someone else will pay for it, so not a contribution to society like other investments.”
It is not the first time that Bill Gates has indicated that he is not necessarily convinced of the potential of crypto. In February of last year, he already stated that the world would be better off without the discovery of crypto technology. In addition, at that time, the crypto industry was mainly used for criminal activities, according to Gates.
Warren Buffett
Gates’ stance is quite similar to that of perhaps the most legendary investor of all time: Warren Buffett† Buffet also ignores the world of crypto because it produces nothing, adds nothing of value to society.
According to Buffett it is nonsensical to to buy bitcoin if there are also excellent alternatives. According to him, you simply can’t do anything with bitcoin, except resell it to the highest bidder. You can actually do something with farms and apartments, says Buffett. Bitcoin is nothing more than a fairy tale in Buffett’s eyes.